Rupee recovers 7 paise to close at 73.24 a dollar

MUMBAI: The Indian rupee staged a smart recovery from the day's lowest level to end 7 paise higher at 73.24 against the US dollar on Friday, tracking an intense rally in domestic equities.

Starting off on a sluggish note, the Indian unit fell to a low of 73.45 against the American currency during the session, but pared all its intra-day losses to finish at 73.24.

For a better part of the session, the rupee remained under pressure due to stronger American currency against key rivals and surging crude oil prices, eventually capping its gains.

The rupee had closed 20 paise lower at 73.31 a dollar on Thursday. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 89.93.

Global crude oil benchmark Brent was trading higher by 0.31 per cent at USD 54.69 per barrel. On the domestic equity market front, the BSE Sensex zoomed 689.19 points or 1.43 per cent to close at a record 48,782.51, while the broader NSE Nifty surged 209.90 points or 1.48 per cent to 14,347.25.

Foreign investors bought shares worth Rs 382.30 crore on a net basis on Thursday, according to exchange data.