Rupee Recovers 8 Paise At 70.82 Against US Dollar

New Delhi: The Indian rupee recovered 8 paise to close at 70.82 against the U.S. dollar amid recovery in domestic stocks and positive global cues. Forex dealers said the local unit recovered due to weakness in American dollar against some currencies abroad, following reports that the Federal Reserve could slow down its pace of interest rate hikes next year.

At the Interbank Foreign Exchange (Forex), the rupee opened on a firm footing at 70.58 against the U.S. dollar and surged further to touch a high of 70.44 during the day. The domestic unit finally settled at 70.82, higher by 8 paise over its previous closing price.

Meanwhile, Brent crude, the international oil benchmark, was trading 0.52% higher at USD 60.37 per barrel.

On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90. The BSE Sensex rallied 361.12 points, or 1.02%, to close at 35,673.25. Similarly, the broader NSE Nifty jumped 92.55 points, or 0.87%, to 10,693.70.

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