Rupee rises 2 paise to close at ₹79.55 against US dollar
The Hindu
The Indian curreyncy witnessed an intra-day high of ₹79.47 and a low of ₹79.72 during today’s session
The rupee pared its initial losses and settled 2 paise higher to close at ₹79.55 (provisional) against the US dollar on Monday, tracking positive domestic equities and foreign fund inflows.
At the interbank forex market, the local unit opened at ₹79.66 against the greenback. It witnessed an intra-day high of ₹79.47 and a low of ₹79.72 during the session.
It finally ended at ₹79.55, up 2 paise from its previous close of ₹79.57.
The dollar index, which measures the greenback's strength against a basket of six currencies, fell 0.89% to 108.03.
Brent crude futures, the global oil benchmark, advanced 1.04% to $93.81 per barrel.
"Rupee continued to appreciate as the dollar weakened against its major crosses. Market participants remained cautious also ahead of inflation and IIP numbers that will be released on the domestic front," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Somaiya further said the expectation is that inflation could remain unchanged compared to the previous month.