Rupee recovers 21 paise to 74.86 against U.S. dollar in early trade

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The rupee on Monday dived 18 paise to close at a five-week low of 75.07 against the U.S. dollar on worries over the new coronavirus variant.

The rupee recovered 21 paise to 74.86 against the U.S. dollar in opening trade on Tuesday, as positive domestic equities and a weak American currency in the overseas markets boosted investor sentiments.

At the interbank foreign exchange, the rupee opened on a strong note at 74.91, then surged higher to 74.86 against the American dollar, registering a rise of 21 paise in the early deals.

The rupee on Monday dived 18 paise to close at a five-week low of 75.07 against the U.S. dollar on worries over the new coronavirus variant.

The appreciation bias in the rupee might be curtailed, as investor concern has resurfaced about how much damage the new Omicron coronavirus variant may unleash on the economy, traders said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped…

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