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Rupee recovers after hitting record low level
New Delhi, 12 May (HS): Due to the intervention of the Reserve Bank of India (RBI), the rupee was sa
Rupee recovers after hitting record low level


New Delhi, 12 May (HS): Due to the intervention of the Reserve Bank of India (RBI), the rupee was saved from setting a new record to close at the lowest level yet despite touching a record low-level on Thursday.

The rupee had hit a level of up to Rs 77.63 per dollar in today's trade due to the increase in the demand for dollars, but later the RBI increased the flow of dollars in the money market and saved the rupee not only from further fall.

Due to the intervention of RBI, the rupee was able to recover 21 paise from today's lowest level and close at Rs 77.42 per dollar.

In the Inter-Bank Foreign Exchange Market, the rupee started trading with a weakness of 24 paise at Rs 77.49 per dollar. Due to strong selling by foreign portfolio investors in the Indian stock market in the early stages of trading, the demand for dollars in the Indian currency market increased significantly. Due to this, the value of the rupee kept on breaking down. Due to the increasing demand for the dollar, the rupee fell to a new record low of Rs 77.63 per dollar in the opening trade itself.

Rs 77.63 against the dollar is the lowest level ever for the Indian currency. On the basis of the fast-selling of foreign investors in the domestic stock market to withdraw their money, there was a possibility of the rupee crossing the level of Rs 78 per dollar. But as soon as the rupee reached its record low level, the RBI increased the flow of dollars in the money market to support the rupee, due to which the fall of the rupee stopped, but its condition also improved a lot. Due to the support of RBI, the rupee rose 7 paise above the opening level to end today's trading at Rs 77.42 per dollar level.

Hindustan Samachar/ Yogita/Indrani Sarkar


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