Re recovers 6 paise to close at 79.92 vs USD on FII inflows

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New Delhi, July 19

The rupee briefly touched an all-time low of 80.05 on Tuesday but recovered to close six paise higher at 79.92 against the US dollar.

“On the domestic front, the trade deficit continued to widen and that also is weighing on the rupee. We expect the spot to trade with a positive bias and quote in the range of 79.70 and 80.20,” said analysts at Motilal Oswal.

“The depreciation is on expected lines. Though it has depreciated nearly 25% since 2014, it has been moderate compared to other Asian currencies. Currencies such as pound, euro and yen have depreciated more than the rupee,” said another analyst firm Kenwood.

Hits all-time low of 80.05 intra-day

• At the forex market, the rupee opened lower at 80 against the greenback and fell further to its all-time low of 80.05 before recovering
• Firm stock markets, FII inflows into equities for a second straight day helped it pare losses later