Forex

Rupee snaps 3-day losing streak; spurts 17 paise to 68.80

PTI | Updated on July 19, 2019 Published on July 19, 2019

The rupee snapped its three-day losing streak to close 17 paise higher at 68.80 against the US dollar on Friday as market participants pinned their hopes on an aggressive rate cut by the US Federal Reserve later this month.

Forex traders said the rupee along with most Asian currencies strengthened following dovish comments from New York Fed officials, offsetting the impact of soaring crude oil prices amid fresh geopolitical tensions in the Middle East. At the interbank foreign exchange market, the local unit opened on a firm footing at 68.78, and shuttled between a high of 68.74 and a low of 68.95 during the day. The rupee finally closed at 68.80, up 17 paise over its previous close.

The rupee had settled at 68.97 against the US dollar Thursday.

Published on July 19, 2019
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