Comments
The rupee on Friday gained 10 paise to close at 71.14 against the US dollar on heavy foreign capital inflows after growing expectations that the Federal Reserve would keep interest rate on hold this year.
A strengthening dollar ahead of the US-China trade talks and surging crude oil prices, however, restricted the rupee gains. “Indian rupee gains ahead of the US China trade talks. However, the improvement in the US China dialogue has been partly priced in and positive impact on market could be limited and short term,” VK Sharma, Head PCG & Capital Markets Strategy, HDFC Securities said.
At the Interbank Foreign Exchange (forex) market, the local unit opened almost flat at 71.23 and touched a high of 71.11 to the dollar in day trade. The rupee finally settled at 71.14, showing a gain of 10 paise over the last close. The rupee had skidded by 13 paise to close at 71.24 against the US dollar Thursday. On weekly basis, the rupee gained 9 paise or 0.13 per cent, its second week of gains in a row.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.