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Mumbai, Apr 22 () The rupee on Wednesday recovered from record low levels to settle higher by 15 paise at 76.68 (provisional) against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies.The rupee opened weak at 76.86 at the interbank forex market and then fell further to an all-time low of 76.88 during the day.Later, the domestic unit recovered the lost ground in line with surging stock markets and finally settled at 76.68, higher by 15 paise over its last close of 76.83 against the US dollar.Indian stocks were trading higher while the US dollar losing some ground against the euro and the pound in European trade strengthened the rupee.Brent crude dropped 8 per cent to USD 17.78 per barrel while oil for Indian basket also eased by 0.68 per cent to USD 20.42 per barrel in early trade which supported the local currency."USD/INR spot breached fresh record high of 76.90, however, it didn't sustain and fell on dollar selling ahead of the Facebook and Reliance deal. Facebook plans to invest nearly USD 5.7 billion, the money will hit forex market in tranches either end of this month or sometime next month," Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services said.Gupta, however, noted that global market is still risk averse amid the coronavirus pandemic. "This gloominess regarding the deep economic downturn may weigh on Indian rupee, thus, unless 76.50 and 76 doesn't break on immediate basis we expect USD/INR spot to trade towards 77 and beyond levels." The number of cases around the world linked to the new coronavirus has crossed over 25.51 lakh. In India, nearly 20,000 coronavirus cases have been reported so far."If coronavirus cases continue to increase on the global and local front then we can expect spot to breach 77.50 and then 78 level," Gupta said.On the domestic equity market front, the 30-share index ended 742.84 points or 2.42 per cent higher at 31,379.55. The wider NSE Nifty surged 205.85 points, or 2.29 per cent, to finish at 9,187.30."The rebound in domestic equities and dollar selling by banks on behalf of the central bank supported the rupee to erase opening losses. Facebook's USD 5.7 billion investment into Reliance Jio also enthused rupee bulls," said Devarsh Vakil, Head Advisory, HDFC Securities.Vakil added that "sharp fall in crude oil supported local currency. Near term focus will be on government announcements to bolster the economy and COVID-19 related developments"."Indian Rupee looks to remain under pressure amid the economic distress caused by the coronavirus outbreak and significant outflows from the domestic equities. As of now renewed strength in dollar index is further weighing on the local unit," said Sugandha Sachdeva, VP-Metals, Energy &amp; Currency Research, Religare Broking."In spite of the historical collapse in crude oil prices, rupee could not benefit and has still continued on the downwards trajectory. In the current landscape, once we see a break past 77 mark, the level of 77.50 looks quite likely on the cards," Sachdeva added.Foreign institutional investors (FIIs) were net sellers in the capital markets, as they sold shares worth Rs 2,095.23 crore on Tuesday, as per provisional data.The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 76.6516 and for rupee/euro at 83.0878. The reference rate for rupee/British pound was fixed at 95.1354 and for rupee/100 Japanese yen at 71.31.The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.19 per cent to 100.06. DRR MR

Rupee recovers from record low to end at 76.68 against US dollar

(Eds: Adds expert comments) Mumbai, May 6 () The rupee depreciated 9 paise to close at 75.72 against the US dollar on Wednesday due to growth concerns as a survey showed that the services sector contracted in April. Weakness in Asian currencies following Chinese yuan dropping by 0.6 per cent against the US dollar and sustained foreign fund outflows also weighed on the rupee. Inflation concerns following the Centre and some states increased taxes on petroleum products also hit investor sentiment. The IHS Markit India Services Business Activity Index stood at 5.4 in April, a steep decline from 49.3 in March, and indicative of the most severe contraction in services output since records began in December 2005. The Composite PMI Output Index, which measures combined services and manufacturing output, sank to 7.2 in April from 50.6 in March. "The rupee came under pressure as sentiments took a beating post government's move of increasing a special tax on petrol and diesel to fill the fiscal gap," said Devarsh Vakil, Head Advisory, HDFC Securities. "India's composite and services PMI nosedived in April. This confirms that the GDP is set to contract significantly in the current quarter and could be the deepest plunge in output in decades," Vakil said. The rupee opened weak at 75.77 at the interbank forex market but pared some losses to settle at 75.72, down 9 paise over its last close. It had settled at 75.63 against the US dollar on Tuesday. "The risk tone has been tepid and will remain like that on renewed US-China spat. The trade war can reignite going ahead and prop up the safe-haven dollar demand. "Also, coronavirus cases are increasing, stoking fears of the second wave of infection. Locally, there are concerns over macros, due to the extension in lockdown, India's GDP is expected to fall near 1 per cent. While the market is eagerly waiting for more stimulus measures from the government," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services. The death toll due to COVID-19 rose to 1,694 and the number of cases climbed to 49,391 in India on Wednesday, according to the health ministry. Foreign institutional investors remained net sellers in the capital market, as they sold equity shares worth Rs 1,059.39 crore on Tuesday, according to provisional exchange data. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.40 per cent to 100.10. Forex traders said the depreciation in the rupee was owing to weak Asian currencies which fell amid weaker Chinese yuan. The Chinese yuan fell by 0.6 per cent after the currency resume trade after a long holiday. The US threats to impose tariffs in retaliation over the coronavirus outbreak weighed on the sentiment. "Sentiments have also taken a beating amid weak PMI manufacturing numbers, underscoring the impact of coronavirus on the economy, where the overall trend in rupee looks skewed on the downside. The IIP numbers ahead are expected to be weak and are going to further worsen the rupee dollar equation," said Sugandha Sachdeva, VP-Metals, Energy &amp; Currency Research, Religare Broking. Sachdeva further said that "reopening of various economies in a phased manner has boosted risk appetite to some extent and is underpinning the rupee, where 77 mark is guarding it against further depreciation". On the domestic equity market front, the 30-share index closed 232.24 points or 0.74 per cent higher at 31,685.75, while the NSE Nifty rose 65.30 points, or 0.71 per cent, to finish at 9,270.90. International oil benchmark Brent crude futures were trading 1.61 per cent higher at USD 31.47 per barrel. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 75.5715 and for rupee/euro at 82.4626. The reference rate for rupee/British pound was fixed at 94.2170 and for rupee/100 Japanese yen at 70.84. DRR MRMR

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Rupee recovers from record low to end at 76.68 against US dollar

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Rupee closes down by 9p at 75.72 against dollar on growth concerns

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