The Indian rupee recovered from the day’s lows and settled higher by 20 paise at 70.87 to the US dollar on Thursday, helped by weakening of the greenback overseas and easing crude oil prices.
However, sustained foreign fund outflows and sell-offs in domestic equities put pressure on the forex market, somewhat capping the rupee gains.
At the interbank foreign exchange market, the rupee opened weaker at 71.22 a dollar. It fell further to the day’s low of 71.35, before recouping losses to touch a high of 70.86.
The local unit finally settled at 70.87, up 20 paise against its previous close.