Rupee regains 36ps from all-time low to settle at 91.85/$

Mumbai: The rupee staged a strong recovery from its record low against the US dollar, gaining 36paise to settle at 91.85, aided by a sharp fall in global crude oil prices over hopes of de-escalation of the ongoing conflict in West Asia. Sharp gains in the domestic equity markets, along with a weaker greenback, provided further support to the domestic unit, according to forex traders.

At the interbank foreign exchange, the rupee opened at 91.92 against the US dollar and traded in the range of 91.71-92.19 before settling at 91.85, up 36paise from its previous close. The rupee crashed to its all-time closing low of 92.21 against the US dollar on Monday, down 39paise, as global crude oil prices saw a sharp spike, and the greenback strengthened.

"The rupee recovered from all-time lows on easing risk-off sentiments in global markets after US President Donald Trump suggested that the war with Iran could end soon as they have met their military objectives.

Overnight decline in dollar index and a sharp fall in crude oil prices, too, favoured the rupee," Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said. "We expect the rupee to trade with a slight positive bias on positive domestic markets and weak dollar. USD-INR spot price is expected to trade in a range of 91.60-92.20," he said. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.52 per cent lower at 98.65.