Forex Market: Indian rupee recovers from its all-time low level against US dollar

Mumbai: The Indian rupee recovered from all-time low level against the US dollar in early trade on Friday. As per forex traders,  the Reserve Bank of India’s monetary policy announcement influenced investors.

At the interbank foreign exchange, the Indian rupee opened at 87.57 against the US dollar, and touched 87.43 against the American currencyin initial trade, registering a rise of 16 paise from its previous close. On Thursday, the Indian rupee plunged 16 paise to close at an all-time low of 87.59 against the US dollar.

Also Read: Reserve Bank of India slashes repo rate: Details 

Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.03 per cent higher at 107.72. Foreign institutional investors (FIIs) offloaded equities worth Rs 3,549.95 crore in the Indian capital markets on a net basis on Thursday.