Monday 27 January 2020
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business-standard - 2 month ago

Rupee darts up 16 paise to 71.04 against USD

The rupee pared initial losses and settled 16 paise up at 71.04 against the US dollar on Monday amid softening crude oil prices and weakening of the greenback vis-a-vis other currencies overseas. Fresh foreign fund inflows and positive developments on the US-China trade front also propped up the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened at 71.24 against the US dollar. During the day, the domestic unit fluctuated between a high of 71.02 and a low of 71.27 and finally ended the day at 71.04 against the US dollar. On Friday, the rupee had settled at 71.20. The strength in Asian peers also supported rupee gains. Asian currencies rose as concern about trade tensions eased, with President Donald Trump saying negotiations were moving along well and China working on waiving retaliatory tariffs, said V K Sharma, Head - PCG Capital Market Strategy, HDFC Securities. China on Monday said that it hoped to make a trade deal with the US as ..


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