Rupee bounces back by 25 paise to close at 82.75 against US dollar

The rupee rebounded from its lifetime lows to close 25 paise higher at 82.75 (provisional) against the US dollar on Thursday amid weakness in the greenback overseas.

Mumbai:The rupee rebounded from its lifetime lows to close 25 paise higher at 82.75 (provisional) against the US dollar on Thursday amid weakness in the greenback overseas. Fag-end buying in domestic equities also bolstered sentiment, forex traders said. However, rising crude oil prices in the international market capped the rupee's gain, they added.

The local currency recovered on suspected RBI intervention after hitting a record low of 83.29 during the session. At the interbank forex market, the local unit opened weak at 83.05 against the greenback but later lost ground to quote at 83.29. It also touched an intra-day high of 82.72. The rupee pared all its losses to end at 82.75 (provisional), registering a gain of 25 paise over its previous close.

In the previous session, the rupee had settled at an all-time low of 83 against the dollar. In the domestic equity market, the 30-share BSE Sensex rose 95.71 points or 0.16 per cent to close at 59,202.90, and the broader NSE Nifty climbed 51.70 points or 0.30 per cent to 17,563.95. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.17 per cent to 112.79.

Brent crude futures, the global oil benchmark, surged 1.17 per cent to USD 93.49 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 453.91 crore on Wednesday, according to exchange data. (PTI)