Indian rupee recovers

MUMBAI: The Indian rupee recovered its opening losses to end largely flat against the dollar, while forward premiums declined more to slip below a key level.

The rupee closed at 81.6700 per US dollar compared with 81.6850 in the previous session. The local unit had fallen to 81.8325 in opening trades, thanks largely to the Chinese yuan.

The offshore yuan fell to a two-week low of 6.2571 to the dollar following protests in China against the government’s COVID policies. Chinese equities slipped.

The yuan managed a rebound following its drop and the rupee recovered alongside it. Indian equities reaching a record high and a fall in oil prices further helped the rupee.