Rupee rises 4 paise from all-time low to 84.42 against dollar

Mumbai: The rupee recovered from its all-time low level and settled with a gain of 4 paise at 84.42 against the US dollar on Monday, aided by a reduction in foreign funds’ selling activity and a retreating American currency.

Foreign exchange traders said, the recovery in the local unit was capped by the unabated withdrawal of foreign funds amid lacklustre sentiment in the domestic equity markets as well as an upward movement in crude oil prices.

At the interbank foreign exchange, the rupee opened at 84.42 and touched the intra-day high of 84.37 against the greenback during the session.

It finally settled at 84.42 against the dollar, up 4 paise from its previous close.

On Thursday, the rupee fell 7 paise to settle at its all-time low of 84.46 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.06 per cent at 106.55.

Meanwhile, the country’s forex reserves dropped by $6.477 billion to $675.653 billion for the week ended November 8, the RBI said on

Friday.