Markets

Rupee pares gains to close flat at 70.83 against USD on crude price surge

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The rupee retreated from the day’s high levels to close flat at 70.83 to the US dollar on Friday as surging crude oil prices after reports that the US and China have agreed on a partial trade deal weighed on the unit.

The rupee opened strong at 70.54 and surged further by 33 paise to touch the day’s high of 70.50 to the US dollar, mirroring sharp gains in the stock markets.

However, crude oil prices gaining more than 1% to USD 65.19 per barrel hit the rupee sentiment. The domestic unit, finally, closed flat at 70.83.

President Donald Trump on Thursday tweeted that the United States is “VERY close” to a trade deal with China, days before new tariffs are due to take effect.

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Printable version | Jan 22, 2020 11:50:46 PM | https://www.thehindu.com/business/markets/rupee-pares-gains-to-close-flat-at-7083-against-usd-on-crude-price-surge/article30297991.ece

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