Rupee recovers 16 paise from all-time low to 95.52 against US dollar

MUMBAI: (May 13) The rupee rebounded by 16 paise from its all-time low to 95.52 against the American currency in early trade on Wednesday amid hopes of lower demand for the US dollar due to import curbs.

Forex traders said market participants are expecting some resilience in the dollar-rupee pair as gold importers curb their demand.

The Indian government raised import tariffs on Gold and Silver to 15 per cent from 6 per cent to curb overseas purchases of the metals and ease pressure on the Country’s FX reserves.