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Rupee recovers from record low, opens at 72.70 against US dollar

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The embattled rupee recouped from record lows and opened higher against the US dollar on Wednesday while bond yields fell.

Rupee recovers from record low, opens at 72.70 against US dollar
The embattled rupee recouped from record lows and opened higher against the US dollar on Wednesday while bond yields fell.
At 09:15 AM, the rupee was trading at 72.78 a dollar, up 17 paise, from its Tuesday’s close of 72.97. The home currency opened at 72.70 and touched a high and a low of 72.70 and 72.80 a dollar, respectively.
The strength in the rupee was marginal after the partially-convertible currency plunged 46 paise to close at a new record low of 72.97 on Tuesday. The Indian currency had previously hit an all-time low of 72.91 (intra-day) on September 12.
The government’s latest measures to support the rupee announced last week were particularly underwhelming for market participants who have since increased bearish positioning on the currency.
So far this year, the rupee has weakened about 12 percent, while foreign investors have sold $879.20 million and $6.31 billion in equity and debt markets, respectively.
Global risk appetite was muted after China added $60 billion of US products to its import tariff list in retaliation for US President Donald Trump's planned levies on $200 billion worth of Chinese goods.
In debt markets, the yields on the 10-year government bonds declined 0.16 percent to 8.13 percent after closing at 8.14 percent on Tuesday. Bond yields and prices move in opposite directions.
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