Mumbai: The rupee recovered from its day’s low to close higher against the dollar on Wednesday following cues from the stock market and on an increased supply of dollar from exporters. The rupee closed at 61.2375 per dollar, up 0.14% from its previous close of 61.3213 a dollar. The partially convertible currency opened at 61.40 a dollar and touched a low of 61.58 in intra-day trade. Since January, the rupee has lost 10.19% and is the third biggest loser among Asian currencies. The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.531, down 0.09% from the previous close of 79.607. India’s benchmark equity index, Sensex ended at 21,033.97, up 0.50%, or 104.96 points, from the previous close. The yield on India’s 10-year bond stood at 8.574%, down from the previous close of 8.561%. The interbank call money rate ended at 8.70%, up 1.75% from the previous close of 8.55%. The Reserve Bank of India (RBI) on Tuesday raised its repurchase rate that increases liquidity in the system by 25 basis points to 7.75% and cut its marginal standing facility rate by the same quantum to 8.75%. One basis point is one-hundredth of a percentage point.

Source