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Rupee recovers after slumping to record low, up 9 paise to 74.12

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Rupee recovers after slumping to record low, up 9 paise to 74.12

The rupee climbed 9 paise to end at 74.12 per dollar Thursday after tumbling to a fresh lifetime low in intra-day trade amid a sharp sell-off in global markets. Softening crude oil prices and the greenback weakening against other currencies provided support to the home unit, brokers said. Asian and European equities sank deep into the red after US markets reeled due to concerns surrounding global growth and rising bond yields. At the Interbank Foreign Exchange (Forex), the rupee opened lower at 74.37 and lost further ground to hit a record intra-day low of 74.50 against the US dollar on strong demand for the American currency from importers amid unabated foreign fund outflows. However, the rupee