Rupee settles 21 paise higher at 69.15 to US dollar
Business | June 26, 2019 18:37 ISTThe Indian rupee on Wednesday advanced by 21 paise to close at 69.15 against the US currency in line with uptrend in domestic equities.
The Indian rupee on Wednesday advanced by 21 paise to close at 69.15 against the US currency in line with uptrend in domestic equities.
The Indian rupee Monday fell by another 11 paise to close at 69.91 to the US currency, its third straight-session loss, in line with intense sell-offs in domestic equities amid concerns over Indo-US trade tariff disagreements.
At the Interbank Foreign Exchange, the rupee opened on at 69.33 then fell to 69.38 against the US dollar, showing a decline of 4 paise over its previous closing.
The rupee had settled at 69.44 against the US dollar Tuesday.
The rupee Friday had settled at 69.46 to the US dollar.
The sector attracted FDI worth USD 6.7 billion in 2017-18. Services sector includes finance, banking, insurance, outsourcing, R&D, courier, tech testing and analysis.
The Indian rupee Tuesday settled unchanged at 69.26 against the US dollar in a lacklustre trade as participants preferred to sit on the fence ahead of the RBI monetary policy outcome on Thursday.
Forex dealers said, selling of the American currency by exporters, fresh foreign fund inflows and easing crude oil prices supported the rupee.
The rupee Friday had settled at 69.70 to the US dollar.
The rupee had settled 36 paise down at 70.02 against the US dollar in the previous session.
Most of the exit polls have predicted that the BJP-led National Democratic Alliance (NDA) is on course to retain power for a second term.
At the Interbank Foreign Exchange market, the domestic unit opened slightly up at 69.75 against the dollar then rose further to quote at 69.80, up 6 paise over its previous close.
Indian equities Monday posted their biggest single-day gains in over six years, the rupee saw its best day in two months and government bond prices surged after exit polls predicted a clear mandate for the Narendra Modi-led NDA in the Lok Sabha elections.
The rupee opened at 70.36 the interbank forex market, then gained further ground to touch 69.44 per dollar, displaying gains of 79 paise against the greenback.
The rupee Monday fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency due to persistent foreign fund outflows and renewed worries over rising crude oil prices.
The rupee depreciated by 18 paise to 69.89 against the US dollar in early trade Thursday amid heavy sell-off in domestic equity market and foreign fund outflows.
The rupee had appreciated by 19 paise to 69.37 against the US dollar Thursday.
The rupee had rebounded by 23 paise to close at 70.02 against the US dollar Friday.
The rupee opened strong at 70.12 at the interbank forex market, then gained further ground to touch 70.09 per dollar, displaying gains of 16 paise against the greenback.
A 10 per cent spike in crude prices can result in a 0.40 per cent widening of the CAD, which can consequently play out into a 3-4 per cent depreciation in the rupee and also push up inflation by 0.24 per cent, the ratings agency has said.
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