Gains 29 paise at 83.32 against $
BBN Bureau
Mumbai: Rupee recovered from its all-time low and gained 29 paise at 83.32 against US dollar in early trade on March 26.
At interbank foreign exchange, the local unit opened at 83.33 and it gained ground and touched 83.32 against the greenback in the initial trading, registering a gain of 29 paise.
The rupee was at 83.3375 against dollar as of 10.45 am, up 0.1 per cent compared with its close at 83.4250 in the previous session. The rupee had fallen to its record low of 83.43 in the closing minutes of Friday session. Financial markets remained closed on Monday.
Analysts say that the Reserve Bank of India (RBI) might have sold US currency via state-run banks on Tuesday to prevent a further fall of local unit.
The rupee seems to have shifted into a weaker trading range, with 83.20 likely to be the immediate resistance, a foreign exchange analyst at foreign bank said. The dollar index was slightly lower at 104.2 after declining 0.2 per cent on Monday while Asian currencies rose slightly
