Rupee surges by 19 paise to 75.97 against U.S. dollar
The Hindu
Mumbai
Continuing its winning streak for a fourth straight session, the rupee on Tuesday appreciated by 19 paise to 75.97 against the U.S. dollar as risk appetite improved in view of broader weakness in the greenback and a firm trend in domestic equities.
However, persistent foreign fund outflows restricted gains in the domestic unit, forex traders said.
At the interbank forex market, the local unit opened higher at 75.97 but lost some of the gains to touch the day's low of 76.15. It witnessed an intra-day high of 75.90.
The rupee quoted at 75.97 at 1600 hrs, registering a rise of 19 paise over its previous close. In the previous session, the rupee had settled at 76.16 against the US dollar.
Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, fell sharply by 0.34% to 98.71.
Brent crude futures, the global oil benchmark, rose 0.60% to $113.15 per barrel.