Rupee snaps streak of all-time lows

After witnessing a heavy fall in the previous four sessions, the domestic rupee showed some recovery on Friday with a gain of 135 paise to close at 63.20 levels against the dollar. 

The rupee on Friday morning opened at 64.30 as against Thursday’s closing of 64.55. And the currency traders attributed the currency’s gain to equities having posted strong gains for the second day and also the RBI is suspected to have sold dollars heavily in the late session. 

It was more than 236 paise recovery from its record low of 65.56 per dollar touched on Thursday, a trader pointed out.

The dollar-rupee pair made a high of 64.73 levels and a low of 63.20 levels in the day. The rupee was seen appreciating as the markets seem to have calmed down after the big events. Globally, the euro was seen recovering to $1.3350 levels supported by strong PMI numbers coming out from the region.

A strong positive closing in Sensex and Nifty also supported the rupee.
In the UK, the second revision of GDP printed a bit better than expected at 0.7 per cent versus 0.6 per cent eyed.