Thursday 19 September 2019
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business-standard - 9 days ago

Rupee rises by 5 paise to 71.66 vs USD, extends gains for 5th day

The rupee recovered from initial losses to settle higher by 5 paise at 71.66 against the US currency on Wednesday, extending gains for a fifth straight session on the back of firm domestic equities and Asian currencies like the Chinese yuan. Forex traders said the uptick in domestic stocks enthused investors, following which the domestic unit gained strength and recovered from early losses. At the interbank foreign exchange market, the local unit witnessed heavy volatility. During the day, the domestic unit shuttled between a high of 71.60 and a low of 71.84. The rupee finally settled at 71.66, higher by 5 paise over its previous close. Rupee is driven more by global factors rather than domestic factors. Since Chinese yuan has stabilised in the last 3-4 sessions, the rupee has appreciated, said Rushabh Maru, Research Analyst - Currency and Commodity, Anand Rathi Shares and Stock Brokers. Maru further noted that the focus of market participants will now shift to India s key ...

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