Indian Rupee recovers to 77.32 against US Dollar |
The Indian Rupee recouped some of its losses and ended on 10th May at 77.32 against the dollar, a day after falling to its all-time low of 77.44. While the currency gained slightly from its new all-time low hit in the previous session, it was weaker than the 77.27 it opened a day before. The Indian Rupee appreciated 12 paise to end at 77.32 (provisional) against the US dollar on May 10th, snapping its two-day losing streak, supported by a rebound in regional currencies and fall in crude oil prices. However, weak domestic equities and persistent foreign fund outflows restricted the gains. In the previous session, the Rupee had slumped 54 paise to close at a record low of 77.44 against the US dollar. The recent turmoil was spread across global financial markets, with a relentless sell-off in risk assets – such as world equities and bitcoin – deepening, driven by higher interest rates and their impact on economic growth worries. At the same time, the dollar held near 20-year highs.
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