Forex

Rupee logs fourth straight gains, spurts 27 paise against USD

PTI Mumbai | Updated on January 10, 2020 Published on January 10, 2020

The Indian rupee continued its winning run for fourth session in a row, soaring 27 paise to settle at 70.94 to the United States (US) dollar as softening crude oil prices lifted forex market sentiments.

After opening marginally lower, the rupee staged a significant recovery and went on to hit a high of 70.86 against the American unit. It, however, settled at 70.94, showing a gain of 27 paise.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.12 per cent to 97.57.

The global crude benchmark Brent was trading lower by 0.03 per cent at $65.30 per barrel.

”On the back of softening crude prices...risky assets are favoured on back of US Iran geopolitical tension easing. The levels of 71.30-71.45 shall keep acting as a crucial barrier for USD-INR pair whereas 71.00-70.85 as supports in coming sessions,” said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

Published on January 10, 2020
rupee
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.
Dollar wins reprieve as West Asia tensions ease, payrolls in focus