Forex

Rupee settles 11 paise higher at 71.27 against US dollar

PTI Mumbai | Updated on February 04, 2020 Published on February 04, 2020

The Indian rupee on Tuesday appreciated by 11 paise to close at 71.27 against the US dollar, tracking heavy buying in domestic equities and easing crude prices.

However, concerns over fiscal slippage and rising coronavirus outbreak fears still remain, forex traders said.

The Reserve Bank of India’s monetary policy outcome could be the next trigger for the domestic unit, as its commentary on inflation and growth forecast will be followed closely by the investors, they added.

At the interbank foreign exchange market, the local currency opened at 71.24. During the day, the local unit saw a high of 71.09 and a low of 71.29. The domestic unit finally settled at 71.27, up 11 paise from its previous close.

The Reserve Bank of India is scheduled to announce the outcome of its sixth bi-monthly monetary policy statement for 2019-20 on February 6, 2020. Forex traders further said easing crude oil prices supported the local unit.

 

 

 

Published on February 04, 2020
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