Rupee up at 61.17, recovers from record closing low

The Indian rupee opened higher on Thursday after closing at a record low of 61.30 in the previous session. The partially convertible rupee traded at 61.17 against the U.S. dollar as of 09.08 a.m.

The rupee remains within striking distance of a record low at 61.80 hit earlier this week. Dealers continue to wait for word from policymakers on steps designed to boost inflows and prop up the battered currency.

Bond and forex dealers were betting the next steps to defend the rupee would come from the government, averting further harsh measures by the Reserve Bank of India (RBI) to tighten cash.

The government is likely to relax borrowing rules for debt-laden Indian companies, including doubling the amount a firm can borrow overseas to $1.5 billion, a newspaper reported.



(With inputs from Reuters)