Rupee recovers marginally to 91.88/$

Mumbai: The rupee hit an all-time low of 92 on Friday and recovered marginally to settle at 91.88 against the American currency, amid selling pressure from foreign funds and risk-off sentiment in global markets.

Forex traders said the Indian rupee gave up early gains and hit a record low of 91.99 per US dollar in intraday trade due to weak domestic markets and persistent foreign fund outflows.

Moreover, gains in crude oil prices and a surge in US treasury yields weighed on the rupee. At the interbank foreign exchange, the rupee opened at 91.45 and then gained ground to touch an intraday high of 91.41 against the greenback.