The Indian rupee recovered from a record low against the US dollar on Wednesday, closing 20 paise higher at 77.51. The rupee opened at 77.58 versus the dollar on the interbank forex market and traded in a range of 77.51 to 77.62 throughout the day. The rupee ended the day at 77.51, up 20 paise from its previous closing.
On Tuesday, the rupee fell 17 paise to settle at an all-time low of 77.71 against the US dollar, as rising US bond yields weakened the attraction of riskier assets. The dollar index, which measures how strong the dollar is versus a basket of six currencies, increased 0.15 percent to 101.90.
The global oil benchmark, Brent crude futures, rose 1.84 percent to USD 117.73 a barrel.
The dollar strengthened on Tuesday after a meeting between the President of the United States and the Chairman of the Federal Reserve showed that the focus of policy will be on inflation.
The Indian benchmark BSE Sensex down 185.24 points, or 0.33 percent, to 55,381.17, while the NSE Nifty fell 61.80 points, or 0.37 percent, to 16,522.75. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs.1,003.56 crore.
Meanwhile, despite another increase in selling prices, India's manufacturing sector growth remained stable in May as demand showed indications of resilience and increased further, according to a monthly survey released on Wednesday.
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