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Rupee gains 7 paise amid easing oil prices in opening trade

Fri Jan 10 2020


The  rupee rose 7 paise to 71.14 against the US dollar in opening trade on Friday, buoyed by sliding oil prices and a firm trend at global markets.


At the interbank foreign exchange market, the rupee opened marginally lower at 71.25 but soon stabilised to trade at 71.14.


The domestic unit had surged 48 paise to close at 71.21 against the US dollar on Thursday as investors cheered easing tensions between the US and Iran.


Meanwhile, US President Donald Trump on Thursday said Iran will never have a nuclear weapon, adding that Tehran was getting “hurt very badly” by US sanctions.


In what could open another front in the Mideast conflict, Canadian Prime Minister Justin Trudeau said multiple intelligence sources indicate that Iran shot down a Ukrainian airliner after it took off from Tehran, killing all 176 on board, including 63 Canadians.


However, Tehran alluded to “doubtful scenarios” and urged Canada to share its information.


World markets soared to record highs on Friday as investors looked beyond the Mideast volatility and focused on the upcoming US-China trade deal signing.


Global oil benchmark Brent crude futures slipped 0.23 per cent to $ 65.21 per barrel.


Source: Hindu business line.


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