Moneycontrol
Last Updated : Sep 12, 2018 04:23 PM IST | Source: Moneycontrol.com

Rupee recovers Re 1 from record low on buzz of govt holding economic review meet

Indian rupee fell nearly 14 percent in 2018 so far.

Moneycontrol News @moneycontrolcom

Rupee strengthened further as it crossed 72 level trading near the day's high 71.92, recovered almost 1 rupee from the record low of 72.91 tested in the morning trade.

News report said that PM Modi will be holding a meeting to discuss economic scenario as well as the rupee during the weekend.

Some measures may be announced after PM's review of economic situation, it added.

Currently it is trading around 72.03 per dollar. It opened 11 paise lower at 72.80 per dollar versus Tuesday's close of 72.69.

On Tuesday, after a positive start the rupee touched a new record low of 72.73 before it settle at 72.69 per dollar, down 24 paise from the Monday's close of 72.45.

The fall in the rupee is mainly due to rebound in oil prices, and capital outflows on the back of worries over global trade war.

This makes total fall of the currency in 2018 at 13.81 percent so far.

Technically now USD-INR is getting support at 72.52 and below same could see a test of 72.2075 level, and resistance is now likely to be seen at 73.0125, a move above could see prices testing 73.1925, as per LKP report.
First Published on Sep 12, 2018 04:20 pm

tags #Rupee

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