Rupee recovers 13 paise to close at 71.71 on easing crude oil prices, gains in equities
The rupee recovered from initial losses to settle higher by 13 paise at 71.71 against the US currency on Tuesday, propped up softening crude oil prices and gains in domestic equity markets
Forex traders said the rupee consolidated in a narrow range following lack of cues on the domestic as well as the global front
During the day, the domestic unit fluctuated between a high of 71.68 and a low of 72
Brent futures, the global oil benchmark, traded at $61.95 per barrel, down 0.78 percent
Mumbai: The rupee recovered from initial losses to settle higher by 13 paise at 71.71 against the US currency on Tuesday, propped up softening crude oil prices and gains in domestic equity markets.
Forex traders said the rupee consolidated in a narrow range following lack of cues on the domestic as well as the global front. During the day, the domestic unit fluctuated between a high of 71.68 and a low of 72.
"The Indian rupee opened lower at 71.97 a dollar, tacking cues from most Asian currencies as a lack of progress in US-China trade talks had an impact on risk appetite. However, the rupee recovered from day's low amid stronger domestic equity and lower crude oil prices," said V K Sharma, Head - PCG & Capital Market Strategy, HDFC securities.
Sharma further said that the rupee expected to trade with a bearish bias given global uncertainty and slower domestic growth. Technically, spot USDINR has support at 71.25 and resistance at 72.41, he said.
Brent futures, the global oil benchmark, traded at $61.95 per barrel, down 0.78 percent.
"Market participants have been cautious ahead of the important FOMC and ECB policy meeting minutes that will be released later this week. For the week we expect the USDINR(Spot) to determine a trend only on a break of range of 71.50 and 72.20," Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services Private Ltd said.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they pulled out Rs 915.37 crore on Tuesday, exchange data showed.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 percent to 97.83.
The 10-year government bond yield was at 6.48 percent on Tuesday.
On the domestic market front, the 30-share Sensex ended 185.51 points, or 0.46 percent, higher at 40,469.70. The broader NSE Nifty rose 55.60 points, or 0.47 percent, to settle at 11,940.10.
The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.7131 and for rupee/euro at 79.3166. The reference rate for rupee/British pound was fixed at 92.7011 and for rupee/100 Japanese yen at 65.89.
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Rupee slumps 33 paise to close at record low of 74.39 against US dollar on unabated foreign fund outflows
The rupee slumped by 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar on Tuesday on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows.
Rupee recovers after slumping to record low of 74.50 against US dollar, up 9 paise to close at 74.12
Softening crude oil prices and the US dollar weakening against other currencies provided support to the rupee, brokers said
Logging its first fall in eight sessions, the Indian rupee on Monday plunged by 68 paise to 71.60 against the US dollar amid concerns over soaring crude prices following drone attacks on Saudi Arabia's oil facilities