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.

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Published on January 10, 2020
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