The Indian rupee has recovered on August 23 after hitting lowest level since December 2018.

It is trading higher by 20 paise at 71.61 per dollar after opening 10 paise lower at 71.91 per dollar versus previous close 71.81.

Rrupee was down 4.6 percent this month and 3.1 percent in 2019.

According to PTI, the Indian rupee on August 22 plunged to an over eight-month low of 71.81, dropping 26 paise against the US dollar as tumbling equities and incessant foreign fund outflows weighed on sentiment. Also, the sudden drop in Chinese yuan led to increased volatility in emerging market currencies, including the rupee, forex dealers said