Rupee recovers some ground, trades at 69.39 against US dollar

Posted on by KNBT

MUMBAI: The Indian rupee pared some of its initial losses after plunging to life-time low of 69.62 in early trade and was trading at 69.39, still lower by 56 paise against the US dollar, in late morning deals.

The rupee sentiment was hit by equities rout globally amid US-Turkey’s full-blown financial-market crisis. Traders were worried over the Turkish crisis spill-over impact on global economy. Turkeys lira tumbled as much as 12.5 per cent against the dollar.

The rupee resumed at record low of 69.47 from last Friday’s closing level of Rs 68.83 at the interbank foreign exchange market here.

The Indian unit spiral down to all-time historic lows at 69.62 before regaining some ground to quote at 69.39 at 1045 hours.

The rupee’s previous record low was 69.13, marked on July 20. The domestic unit hovered between 69.39 and 69.62 during morning deals.

Overseas, the dollar was mostly higher against the basket currencies, while the euro was on the defensive after touching a 13-month low against the dollar as investors bid up safe havens such as the US dollar and the yen on worries about the exposure of European banks to crisis-hit Turkey.

Meanwhile, the 30-share BSE Sensex is trading lower by 256.32 points at 37,613.69 at 12 N.

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