Indian rupee recovers from record low to end flat

MUMBAI: The Indian rupee recovered from its record low to end unchanged on Monday, helped by likely intervention from the Reserve Bank of India towards the later part of the session, according to traders.

The rupee ended at 88.1950 to the US dollar, identical to Friday’s close. The currency fell 0.7 percent in August, its fourth consecutive monthly decline.

The rupee plummeted to a fresh record low of 88.33 earlier in the day, reflecting mounting concerns over higher US tariffs on Indian goods and the broader economic implications for the South Asian country.

“Today being a US holiday there was thin liquidity, thus flows had power to create unusual moves in the currency,” said Kunal Sodhani, vice president at Shinhan Bank India.