Forex

Rupee rebounds to 72.67

PTI Mumbai | Updated on November 13, 2018 Published on November 13, 2018

The rupee opened strong by 8 paise at 72.81 at the interbank forex market today. It hovered in a range of 72.82 and 72.51 before quoting at 72.55, up 34 paise at 10.45 am local time.   -  BUSINESS LINE

The rupee on Tuesday recovered 22 paise to close at 72.67 against the US currency on easing crude oil prices and better-than-expected macroeconomic data.

Crude oil prices fell below the $70 per barrel mark, easing concerns over expanding current account deficit and inflation which have a bearing on rupee sentiment.

Positive macro data which showed retail inflation dropping to a 13-month low in October also bolstered the market sentiment.

Besides, fund inflows by foreign investors and the US dollar’s weakness against some currencies overseas also supported the domestic unit, dealers said.

Oil prices retreated on Tuesday after US President Donald Trump flayed Saudi Arabia’s call for production cuts and pressed oil cartel OPEC for lower prices based on supply. Weak oil demand outlook by OPEC and worries about oversupply and US-China trade war also weighed on oil prices.

Brent crude fell 70 cents to $69.42 per barrel while West Texas Intermediate dropped 74 cents to $59.19 per barrel.

At the Interbank forex market, the rupee opened with strength at 72.81 and advanced to a high of 72.51 in day trade.

The domestic currency finally settled at 72.67, showing a gain of 22 paise.

 

Published on November 13, 2018
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