Rupee Recovers 10ps To 84.78/$

Mumbai: The rupee rebounded from its all-time low level and settled with a gain of 10paise at 84.78 against the US dollar on Friday, buoyed by a strong recovery in domestic equity markets and easing inflation data. However, a strengthening American currency overseas and foreign fund outflows restricted the positive bias in the local unit, forex traders said.

At the interbank foreign exchange, the rupee opened at 84.87 and touched the intra-day high of 84.77 against the greenback. The unit finally ended the session at 84.78 against the dollar, logging a gain of 10paise from its previous closing level. On Thursday, the rupee fell 5paise to settle at the lowest-ever level of 84.88 against the US dollar.

The previous record low closing level was recorded on December 9, when the unit settled 20paise lower at 84.86 against the dollar. The latest official data released on Thursday showed India’s retail inflation eased in November to 5.48 per cent and came within the Reserve Bank’s comfort zone mainly due to lower food prices, creating headroom for a rate cut at the central bank’s rate-setting panel meeting under new Governor Sanjay Malhotra in February. India’s industrial production (IIP) growth slowed to 3.5 per cent year-on-year in October 2024, mainly due to poor performance of mining, power and manufacturing.