Rupee recovers from record low, opens 12 paise up at 78.20 against dollar

Recovering from its record low, the rupee opened 12 paise up at 78.20 against the US dollar on Friday, tracking a pullback in crude oil prices.

At the interbank foreign exchange, the rupee opened at 78.20 against the American dollar. In initial trade, the local currency witnessed a high of 78.19 and a low of 78.24 against the US dollar.

The rupee on Thursday had closed at its all-time low of 78.32 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.16 per cent lower at 104.26.

Global oil benchmark Brent crude futures fell 0.21 per cent to USD 109.82 per barrel.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee opened at 78.20 as the dollar index fell slightly, while Brent continues to remain at USD 110 per barrel levels.

"Rupee to trade in a range of 78 to 78.40 as foreign portfolio investors (FPI) continue to buy US dollar, along with oil companies while the Reserve Bank of India continues to sell and protect the rupee," Bhansali said.

On the domestic equity market front, the 30-share Sensex was trading 481.95 points or 0.92 per cent higher at 52,747.67, while the broader NSE Nifty advanced 124.95 points or 0.8 per cent to 15,681.60.

Foreign institutional investors remained net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,319.06 crore, as per stock exchange data.