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The rupee on Tuesday recovered from the day’s lows to close higher by 5 paise at 69.62 against the US dollar on some dollar selling by banks and exporters.
At Interbank Foreign Exchange, the rupee opened strong at 69.63 a dollar and touched a high of 69.53 in early trade.
The local currency erased its gains and dropped to a low of 69.83 as crude oil prices extended their Monday’s rally, triggering inflationary and fiscal slippage concerns.
Some dollar buying by exporters, however, helped the rupee recover its lost ground at the fag-end. The domestic currency finally settled at 69.62, up by 5 paise over its previous close.
The rupee Monday had plunged by 32 paise to close at a two-week low of 69.67 against the US dollar.
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