Tuesday, May 26, 2020 | Last Update : 10:20 AM IST

63rd Day Of Lockdown

Maharashtra52667157861695 Tamil Nadu170828731119 Gujarat144686636888 Delhi140536771276 Rajasthan73004056167 Madhya Pradesh68593571300 Uttar Pradesh64973660169 West Bengal38161414278 Andhra Pradesh2886189256 Bihar273773313 Karnataka218270544 Punjab2081191340 Telangana1920116456 Jammu and Kashmir166880923 Odisha14386497 Haryana121380216 Kerala8975326 Assam549634 Jharkhand4051484 Uttarakhand349584 Chhatisgarh292670 Chandigarh2661874 Himachal Pradesh223634 Tripura1981650 Goa67190 Puducherry49170 Manipur3640 Meghalaya15121 Nagaland300 Arunachal Pradesh210 Mizoram110 Sikkim100

Rupee stems losses, rallies 54 paise to 71.24 vs USD on easing oil prices

PTI
Published : Sep 18, 2019, 6:49 pm IST
Updated : Sep 18, 2019, 6:49 pm IST

However, unabated foreign fund outflows capped the gains, forex traders said.

At the Interbank Foreign Exchange, the rupee opened at 71.47 and surged to an intra-day high of 71.17 against the US dollar. The local unit finally settled at 71.24, higher by 54 paise over its previous close of 71.78.
 At the Interbank Foreign Exchange, the rupee opened at 71.47 and surged to an intra-day high of 71.17 against the US dollar. The local unit finally settled at 71.24, higher by 54 paise over its previous close of 71.78.

Mumbai: Snapping its two-day falling streak, the rupee rebounded 54 paise to finish at 71.24 against the US dollar on Wednesday as sliding crude oil prices eased pressure off emerging market currencies.

However, unabated foreign fund outflows capped the gains, forex traders said.

Global equities and oil markets stabilised after Saudi Arabia's energy minister said production capacity at its plant targeted by drone attacks over the weekend would be fully restored by the end of the month.

At the Interbank Foreign Exchange, the rupee opened at 71.47 and surged to an intra-day high of 71.17 against the US dollar. The local unit finally settled at 71.24, higher by 54 paise over its previous close of 71.78.

"Indian rupee led gains in emerging market Asian currencies as crude prices eased after Saudi Arabia partially restored production at its damaged oil plant," HDFC Securities Head PCG and Capital Markets Strategy V K Sharma said.

Sharma further said lower crude oil prices calmed concerns about inflation and the fiscal side which will provide room for the RBI to lower interest rate in the coming October meet.

The Reserve Bank of India, which has already reduced the key policy rate four times in the current calendar year, is scheduled to announce its next bi-monthly monetary policy on October 4.

Market participants were also awaiting cues from the much-anticipated policy meeting of the US Federal Reserve, traders said.

Meanwhile, crude oil benchmark, Brent Futures on Wednesday witnessed some moderation and was trading at USD 64.32 per barrel, down 0.36 per cent.

Foreign institutional investors (FIIs) offloaded equities worth a net Rs 959.09 crore on Wednesday, provisional exchange data showed.

On the domestic markets front, the 30-share BSE Sensex ended 82.79 points, or 0.23 per cent, higher at 36,563.88. Similarly, the broader NSE Nifty gained 23.05 points, or 0.21 per cent, to finish at 10,840.65.

The 10-year government bond yield was at 6.62 per cent.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.20 per cent to 98.46.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.8196 and for rupee/euro at 78.9613. The reference rate for rupee/British pound was fixed at 89.1219 and for rupee/100 Japanese yen at 66.36.

Tags: rupee, us dollar, forex, interbank foreign exchange
Location: India, Maharashtra, Mumbai (Bombay)
ADVERTISEMENT
ADVERTISEMENT