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    Rupee recovers from 9-month low, opens higher at 72.20 a dollar

    Rupee recovers from 9-month low, opens higher at 72.20 a dollar

    Rupee recovers from 9-month low, opens higher at 72.20 a dollar
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    By Aastha Agnihotri   IST (Updated)

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    The rupee recovered from over 9-month low and opened higher against the US dollar on Wednesday, helped by a weaker greenback.

    The rupee recovered from over 9-month low and opened higher against the US dollar on Wednesday, helped by a weaker greenback.
    At 09:06 AM, the rupee was trading at 72.23 a dollar, up 17 paise from its Tuesday’s close of 72.40. The home currency opened at 72.20 and touched a high and a low of 72.18 and 72.24 a dollar, respectively.
    The domestic currency settled down by 97 paise at 72.39 per dollar, logging its worst single-day fall since August 5 and the lowest closing level since November 13, 2018.
    The selloff came after official data released on Friday showed that India's GDP growth fell to an over six-year low of 5 percent in the June quarter.
    In addition, IHS Markit India Manufacturing Purchasing Managers' Index (PMI) showed that the country's manufacturing sector activity declined to its 15-month low in August.
    In the currency market, the dollar pulled back on Wednesday as weak US manufacturing stoked wagers on aggressive policy easing.
    Manufacturing activity in the world’s biggest economy contracted for the first time in three years last month, according to the Institute for Supply Management.
    Against a basket of currencies, the dollar traded slightly lower at 98.944, which was 0.4 percent below the two-year peak it touched on Tuesday.
    In the commodity markets, US crude oil futures rose 0.5 percent to $54.22 per barrel, trimming some of the previous day's large losses. The contracts had shed more than 2 percent on Tuesday after the weak US ISM data raised concerns about a weakening global economy.
    In debt markets, the yields on the 10-year government bonds were down 0.11 percent at 6.51 percent from the previous close of 6.52 percent. Bond yields and prices move in opposite directions.
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