Rupee Rebounds 47 Paise to 87.18/USD in Sharp Recovery
By : Krishna Mishra
Mumbai, The rupee recovered sharply and ended 47 paise higher at 87.18 against the US dollar on Friday, following a steep fall in the American currency triggered by a slower-than-expected job growth in the world's largest economy.
Lower crude oil prices and suspected RBI's move helped the local currency resist pressure from the negative domestic equity market and sustained outflow of foreign funds, according to forex traders.
They further said US President Donald Trump's sweeping new tariffs triggered fresh concerns over a much wider disruption in the global trade landscape.
On Wednesday, Trump announced a 25 per cent tariff on Indian imports and an additional penalty for New Delhi's purchases from Russia. The new levies will come into effect from August 7.