The Indian rupee staged a recovery from its record low level, strengthening by 29 paise to 83.32 against the US dollar in early trading on Tuesday. Beginning at 83.33 at the interbank foreign exchange, the domestic currency gained momentum, touching 83.32 against the greenback in initial transactions, marking a gain of 29 paise from its previous close.
This rebound follows Friday’s depreciation, where the rupee weakened by 48 paise to hit an all-time low of 83.61 against the American currency. Notably, forex and equity markets remained closed on Monday due to the celebration of Holi. India’s forex reserves saw a notable increase of USD 6.396 billion, reaching USD 642.492 billion for the week ended March 15, as reported by the Reserve Bank on Friday. This uptick contrasts with the previous reporting period, where overall reserves had risen by USD 10.47 billion to USD 636.095 billion.
Additionally, the dollar index, which measures the greenback’s performance against a basket of six currencies, experienced a marginal decline of 0.01 per cent, settling at 103.79.
