Rupee recovers 22 paise, opens at 70.78 against dollar

The rupee on Monday opened 22 paise higher at 70.78 against the US dollar on account of some selling of American currency by banks and exporters.

Robust GDP figures further supported the currency. The Indian economy grew at 2-year high of 8.2 per cent in the April-June quarter of the current fiscal on good show by manufacturing and farm sectors, according to the government data released on Friday.

The growth strengthened the country’s position as the fastest growing major economy, clocking higher expansion rate than China's 6.7 in the same quarter.


The local currency slipped to end at a fresh record low of 71-mark against the US dollar for the first time on Friday as sentiment took a hit on the back of worsening macro environmental factors.

The rupee has plunged 11 per cent on a year-to-date basis, making it the worst-performing currency in Asia. The rupee has weakened mainly due to widening trade deficit, rising crude oil prices and strong revival of the US economy, according to market experts.