Rupee opens 9 paise higher at 71.15 against US dollar in opening trade
Business | January 17, 2019 10:54 ISTForex dealers said, easing crude oil prices and selling of the American currency by exporters supported the rupee.
Forex dealers said, easing crude oil prices and selling of the American currency by exporters supported the rupee.
The rupee on Tuesday plunged by 13 paise to close at 71.05 against the US dollar.
Forex traders said the strength of the US dollar against other overseas currencies weighed on the domestic currency.
Brent crude, the global benchmark, was trading lower at 60.89 per barrel, lower by 0.90 per cent.
At the Interbank Foreign Exchange (forex), the rupee opened higher at 70.08 but it slipped partially to quote 7 paise higher at 70.14.
The rupee weakened even after the Central Statistics Office (CSO) released positive advanced estimates of national income for 2018-19.
On Friday, the rupee had ended higher by 48 paise at 69.72 against the US dollar in line with smart gains in domestic equities and uptrend in other emerging market currencies.
Benchmark Sensex turned choppy after opening higher in early trade on Tuesday amid sustained capital outflows by foreign funds and surging global crude oil prices.
Forex traders said weakening of the US dollar against some currencies overseas aided the local unit.
Meanwhile, the benchmark BSE Sensex fell by 34.30 points, or 0.11 per cent to 35,703 in early choppy trade Monday after rising to 35,872.02.
The rupee opened lower at 69.93 against the dollar and dropped further to quote at 70.07, 37 paise down over its previous close.
The domestic unit opened with strength at Rs 70.05 at the Interbank Foreign Exchange and advanced further to 69.87 against the US dollar.
The US Federal Reserve's policy decision is expected on December 19 and market is expecting another rate hike, traders said.
On Friday, the rupee fell by 22 paise against the dollar to close at 71.90.
On Thursday the rupee appreciated by 33 paise to 71.68 per US dollar.
On Wednesday the rupee had declined by 16 paise to 72.01 per US dollar
Traders said a lower opening in domestic equity market, rising crude prices and foreign fund outflows put additional pressure on the local unit.
The rupee appreciated by 24 paise to 70.66 against the US dollar in intra-day trade amid weakness in the greenback against some currencies overseas.
Oil prices extended losses ahead of the crucial Opec meeting. Brent crude, the international benchmark, was trading 1.82 per cent lower at USD 59.74 per barrel.
The rupee came under pressure following heavy selling in domestic equities amid foreign fund outflows.
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