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.
