Rupee rises 6 paise from all-time low of 80.05; closes at 79.92 against US dollar

Mumbai: The rupee rose 6 paise to 79.92 (provisional) against the US dollar on Tuesday, recovering from its all-time low of 80.05.

The local unit opened lower at 80.00 in the interbank forex market, against the greenback and fell to an intra-day low of 80.05.

The local unit later recovered losses and settled at 79.92 (provisional), registering an increase of 6 paise over its previous close. The rupee fell to a low of 80 against the US dollar for the first time in intra-day spot trading before ending the session down 6 paise at 79.98 amid a surge in crude oil prices and unrelenting foreign fund inflows.

"The Indian rupee broke the level of 80 after many days' failed efforts by the dollar bulls amid higher crude oil prices. However, the central bank's intervention and stronger regional currencies and equities supported the rupee to erase early morning losses," said Dilip Parmar, Research Analyst, HDFC Securities.

Parmar further said the near-term consolidation in the rupee is likely along with the dollar index ahead of the European Central Bank (ECB) and Bank of Japan policy meetings on Thursday.

On the domestic equity market front, the BSE Sensex ended 246.47 points or 0.45 per cent higher at 54,767.62, while the broader NSE Nifty advanced 62.05 points or 0.38 per cent to 16,340.55.

The dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.66 per cent at 106.66.

Brent crude futures, the global oil benchmark, were down 0.40 per cent at USD 105.84 a barrel.

On Monday, foreign institutional investors were net buyers in the capital market as they bought shares worth Rs 156.08 crore, according to stock exchange data.

With PTI inputs