Forex

Rupee strengthens to 73.48

PTI Mumbai | Updated on October 16, 2018 Published on October 16, 2018

The rupee hovered in a range of 73.92 and 73.72 before quoting at 73.90, down 7 paise at 10 am local time.   -  Getty Images/iStockphoto

The rupee climbed 35 paise to end at nearly two-week high of 73.48 against the dollar on Tuesday amid softening crude oil prices and easing concerns over the trade deficit.

Traders said foreign fund inflows and greenback weakening against other currencies were the other factors that provided support to the home unit.

At the Interbank Foreign Exchange (Forex), the rupee opened on a firm note at 73.79 from Monday’s close of 73.83. During the day the domestic currency gained further ground to hit a high of 73.47 against the US dollar, driven by selling of the greenback by exporters.

The domestic unit settled the day up by 35 paise at 73.48 to the dollar, the highest closing level since October 3.

The rupee had lost 26 paise to close at 73.83 on Monday.

Forex dealers said bullish trend in the equity market as well as easing crude oil prices supported the rupee’s upward movement

Published on October 16, 2018

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