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Rupee settles 8 paise higher versus dollar

Mon Dec 02 2019

 

The rupee, on Monday, settled 8 paise higher at 71.66 against the US dollar amid participants hoping the RBI will go in for another rate cut in the ensuing RBI policy review meet this week. Forex traders said the domestic currency opened weak as investors traded cautiously after India’s Q2 GDP growth dipped to an over six-year-low of 4.5 per cent, but during the day, the local unit gathered strength anticipating further easing in key rates to boost the slowing economy.

 

At the interbank foreign exchange, the rupee opened weak at 71.78 a dollar, but soon gathered strength to touch a high of 71.62 before finally settling at 71.66, up 8 paise over its last closing.

 

The rupee had closed at 71.74 against the US dollar on Friday.

 

Source: https://www.thehindubusinessline.com

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