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Rupee firms up 8 paise to 70.86 against dollar

Mon Jan 13 2020

 

The rupee rose 8 paise to close at 70.86 against the US dollar on Monday as the upcoming US-China trade deal signing kept global market sentiment upbeat.

 

This was the fifth straight session of gains for the domestic currency, during which it has appreciated by 106 paise.

 

At the interbank foreign exchange market, the local unit opened on a strong note at 70.82, and shuttled between a high of 70.75 and a low of 70.93 during the day. It finally ended at 70.86, higher by 8 paise over its previous close.

 

The rupee had settled at 70.94 against the US dollar on Friday.

 

Emerging market currencies appreciated as investors looked forward to the signing of the first phase of the much-anticipated US-China trade deal later this week.

 

The phase one of the trade deal with China includes the country buying $200 billion worth of additional American products, US Treasury Secretary Steven Mnuchin said on Sunday.

 

A positive trend at the domestic equity markets and easing crude oil prices further supported the local unit, forex traders said.

 

Source: Hindu business line.

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