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Rupee recovers after slumping to record low, up 9 paise to 74.12

Friday, October 12, 2018

The rupee climbed 9 paise to end at 74.12 per dollar yesterday after tumbling to a fresh lifetime low in intra-day trade amid a sharp sell-off in global markets.

Softening crude oil prices and the greenback weakening against other currencies provided support to the home unit, brokers said.

Asian and European equities sank deep into the red after US markets reeled due to concerns surrounding global growth and rising bond yields.

At the Interbank Foreign Exchange (Forex), the rupee opened lower at 74.37 and lost further ground to hit a record intra-day low of 74.50 against the US dollar on strong demand for the American currency from importers amid unabated foreign fund outflows.

However, the rupee clawed back lost ground and finally settled for the day at 74.12, up by 9 paise, posting a gain for the second consecutive day in an otherwise volatile market.

Orderly depreciation of rupee to increase competitiveness: World Bank Official
An orderly depreciation of the rupee would increase competitiveness and relieve some of the pressures in capital market, according to a top World Bank official who described it as a "positive development" if done in a right way.

The remarks by Martin Rama, the Chief Economist for the South Asia region of the World Bank, came as the rupee hit an all-time low of 74.45 against the US dollar on yesterday.

"We think that an orderly depreciation of the rupee would increase competitiveness and relieve some of the pressures that we are seeing in general in capital market," Rama told PTI.

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