Rupee rebounds 13 paise to 78.90 against US dollar

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Rupee rebounds 13 paise to 78.90 against US dollar

The rupee appreciated 13 paise on Thursday to 78.90 against the US dollar after recovering from its record low.

The rupee opened against the American dollar at 78.92 at the interbank foreign exchange. The local currency was at a high of 78.90 and a low of 78.94 against the US dollar in initial trade.

The rupee had closed at its all-time low of 79.03 against the US dollar in the previous session.

Sriram Iyer, Senior Research Analyst at Reliance Securities, said the range for the rupee today is 78.65 -- 79.05.

Asian currencies have started mixed but could remain under pressure after Fed Chair Jerome Powell said there is a risk that the US central bank hikes will slow the economy considerably, Iyer said.

On the domestic equity market front, the Sensex had trading 337.14 points or 0.64 per cent higher at 53,364. The broader NSE Nifty advanced by 84.00 points or 0.53 per cent to 15,883. The dollar index, which gauges the strength of the dollar against a basket of six currencies, fell 0.07 per cent to 105.03.

The global oil benchmark Brent crude futures rose 0.07 per cent to USD 116.34 per barrel.

Foreign institutional investors offloaded shares worth Rs 851.06 crore, as per exchange data, leaving them net sellers in the capital market.