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BW Businessworld

Rupee Recovers 18 Paise Against US Dollar

Amid IMF's forecast of India's growth rate at 7.3 per cent in 2018, weakening dollar, easing global crude oil prices and higher opening in domestic stock market, the rupee recovered 18 paise at 73.88 in early trade today

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The rupee made a cautious recovery of 18 paise to 73.88 against the US dollar today on fresh selling of the American currency by banks and exporters. 

Besides, the dollar's overseas weakness, easing global crude oil price and higher opening in the domestic stock market supported recovery in the domestic unit, traders said.

At the forex market, the local currency was trading 18 paise higher at 73.88 in early trade. The International Monetary Fund's forecast of a growth rate of 7.3 per cent for India in the current year of 2018 and that of 7.4 per cent in 2019, too, boosted investor sentiment here.

IMF has said that the acceleration in India's growth projections reflects a rebound from transitory shocks with strengthening investment and robust private consumption

In the previous session Monday, the rupee slumped 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar.

Meanwhile, the benchmark Sensex rose by 72.04 points, or 0.21 per cent, to 34,546.42 in opening trade.