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Rupee snaps 5-day losing streak; settles 20 paise up at 70.69 vs USD

Thu Aug 08 2019

 

The rupee snapped its five-day losing streak to close higher by 20 paise at 70.69 against the US dollar on Thursday, tracking sharp gains in domestic equities after reports of rollback of a tax surcharge on foreign portfolio investors. At the interbank foreign exchange, the rupee witnessed high volatility against the US dollar.

 

The local unit opened strong at 70.80 and during the day touched a high of 70.55 and a low of 70.94 against the American currency. It finally settled up by 20 paise at 70.69 against the American currency. The rupee had settled at 70.89 against the US dollar on Wednesday. Brent crude futures, the global oil benchmark, climbed 1.14 per cent to $56.87 per barrel.

 

Source: Hindu business line.

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