Rupee bounces back by 25 paise to close at ₹82.75 against U.S. dollar

The local currency recovered on suspected RBI intervention after hitting a record low of ₹83.29 during the session.

October 20, 2022 04:35 pm | Updated 04:35 pm IST - Mumbai

Photo used for representational purpose only. File

Photo used for representational purpose only. File | Photo Credit: PTI

The rupee rebounded from its lifetime lows to close 25 paise higher at ₹82.75 (provisional) against the U.S. dollar on Thursday amid weakness in the greenback overseas.

Fag-end buying in domestic equities also bolstered sentiment, forex traders said.

However, rising crude oil prices in the international market capped the rupee's gain, they added.

The local currency recovered on suspected RBI intervention after hitting a record low of ₹83.29 during the session.

At the interbank forex market, the local unit opened weak at ₹83.05 against the greenback but later lost ground to quote at ₹83.29. It also touched an intra-day high of ₹82.72.

The rupee pared all its losses to end at ₹82.75 (provisional), registering a gain of 25 paise over its previous close.

In the previous session, the rupee had settled at an all-time low of ₹83 against the dollar.

In the domestic equity market, the 30-share BSE Sensex rose 95.71 points or 0.16% to close at 59,202.90, and the broader NSE Nifty climbed 51.70 points or 0.30% to 17,563.95.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.17% to 112.79.

Brent crude futures, the global oil benchmark, surged 1.17% to $93.49 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth ₹453.91 crore on Wednesday, according to exchange data.

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