Rupee recovers, trades flat at 71.77 per dollar

The Indian rupee has recovered  from the low and trading flat at 71.77 per dollar.

It opened lower at 71.90 per dollar against Wednesday's close of 71.77.

It touched a low 72.08 per dollar during the day.

The rupee declined by 29 paise to close at 71.77 against the US dollar on Wednesday as fears of an impending global recession prompted investors to stick to safe-haven assets like the Japanese yen, said PTI.

The dollar-rupee September contract on the NSE was at 72.04 in the previous session. Open interest increased 16.52% in the previous session, said ICICIdirect.

We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, it added.