Markets

Rupee settles 13 paise higher at 71.85 against U.S. dollar on easing crude prices, weak dollar

Image for representational purposes only

Image for representational purposes only   | Photo Credit: PTI

Forex traders said while weak dollar and easing crude oil prices supported the rupee, losses in the domestic stocks and foreign fund outflows weighed on the local unit restricting its move up

The rupee on Tuesday recovered 13 paise to close at 71.85 (provisional) against the U.S. dollar amid easing crude oil prices and weakening of the American currency in the overseas market.

Forex traders said while weak dollar and easing crude oil prices supported the rupee, losses in the domestic stocks and foreign fund outflows weighed on the local unit restricting its move up.

At the interbank foreign exchange market, the local currency opened on a positive note at 71.84. During the day, it saw a high of 71.78 and a low of 71.90.

The Indian currency settled higher by 13 paise at 71.85, cutting short its three-day losing run, according to provisional market data.

The domestic unit had settled at 71.98 against the American currency on Monday.

“Rupee started the day strong on back of firm opening of stocks, selling by exporters and a weak dollar,” said Jateen Trivedi, senior research analyst (commodity & currency) at LKP Securities.

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Printable version | Apr 10, 2020 12:44:21 PM | https://www.thehindu.com/business/markets/rupee-settles-13-paise-higher-at-7185-against-us-dollar-on-easing-crude-prices-weak-dollar/article30913751.ece

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