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The rupee appreciated for the second straight session on Tuesday to close higher by 46 paise at 69.56 against the US dollar, as crude oil prices retreated from six-month high levels and the greenback weakened against global rivals.
At the interbank foreign exchange market, the domestic unit opened at 69.83 and advanced to a high of 69.52 during the day. It finally settled at 69.56, registering a rise of 46 paise against the dollar over its previous close.
The rupee had rebounded by 23 paise to close at 70.02 against the US dollar Friday. The forex market was closed on Monday due to general elections in Mumbai. “The rupee gained for the second day amid retracement in crude prices from the six-month highs,” said VK Sharma, Head PCG & Capital Markets Strategy, HDFC Securities, adding that the activity remained light on account of holiday-shortened week.
Sharma further said that “going forward, the month of May would remain volatile due to crucial election results scheduled on May 23”.
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