Tuesday 13 November 2018
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business-standard - 5 days ago

Rupee rises 35 paise to 72.65 against US dollar in early trade

The rupee appreciated 35 paise to 72.65 against the dollar in early trade Friday, following US mid-tem election results and easing crude oil prices. Forex traders said the rise was also supported by dollar-selling by exporters and banks and the US unit s weakness against some currencies overseas. They said the US mid-tem election results which showed Democrats wresting the House of Representatives from the ruling Republican party, also supported the rupee. The Democrats now have majority in the 435-member House, while Trump s party has retained majority in the 100-member Senate. At the interbank forex market, the rupee opened strong at 72.68 and advanced further to trade at 72.65, reflecting a rise of 35 paise over its previous close of 73 against the dollar. Moreover easing crude prices also helped the local unit. Brent crude, the international benchmark was trading at USD 70.70 per barrel. The rupee had rebounded by 12 paise to end at 73 per US dollar Tuesday on increased selling of

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