Markets

Rupee logs 4th straight gains, spurts 27 paise against USD

File

File   | Photo Credit: V. Sudershan

more-in

The Indian rupee continued its winning run for fourth session in a row, soaring 27 paise to settle at 70.94 to the US dollar as softening crude oil prices lifted forex market sentiments.

After opening marginally lower, the rupee staged a significant recovery and went on to hit a high of 70.86 against the American unit. It, however, settled at 70.94, showing a gain of 27 paise.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.12% to 97.57.

The global crude benchmark Brent was trading lower by 0.03% at USD 65.30 per barrel.

“...on the back of softening crude prices...risky assets are favoured on back of US Iran geopolitical tension easing. The levels of 71.30-71.45 shall keep acting as a crucial barrier for USD-INR pair whereas 71.00-70.85 as supports in coming sessions,” said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Jan 28, 2020 1:25:01 PM | https://www.thehindu.com/business/markets/rupee-logs-4th-straight-gains-spurts-27-paise-against-usd/article30534815.ece

Next Story