Rupee surges 28 paise against US dollar

PTI Mumbai | Updated on March 07, 2019 Published on March 07, 2019

The near-term outlook remains negative for the rupee

The rupee darted up 28 paise to close at 70 against the US dollar on Thursday amid robust foreign inflows and strong buying in domestic equities.

This is the third straight session of gain for the domestic currency, during which it has strengthened by 92 paise.

Forex traders said optimism regarding a trade deal between the US and China and weakening of the greenback versus other currencies overseas also supported the rupee. However, rising crude prices capped the gains.

At the Interbank Foreign Exchange market, the rupee opened stronger at 70.08 a dollar. The local unit moved in a range of 70.15 to 69.94 before finally ending at 70.00, showing a gain of 28 paise over its last close.

The rupee Wednesday had strengthened by 21 paise to close at 70.28 against the US dollar.

This is its highest closing level since January 8, when the rupee had finished at 70.21.

Published on March 07, 2019
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