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Rupee at 5-week high versus dollar

Mon Nov 04 2019

 

 

The rupee appreciated by 4 paise to close at a five-week high against the US dollar on Monday, driven by sustained foreign fund inflows and hopes of a partial trade deal between the US and China.

 

At the forex market, the rupee opened strong at 70.55 against the previous close of 70.81 to the US dollar. The domestic unit later gave up gains to settle at 4 paise higher at 70.77, a level not seen since September 27.

 

Rising crude prices and a strong dollar against major global currencies restricted the rupee’s gain, dealers said.

 

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.06 per cent to 97.30. Brent crude futures, the global oil benchmark, surged by 1.54 per cent higher at $62.64 per barrel.

 

Source: Hindu business line.

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