India Markets open in 5 hrs 40 mins

Rupee Sees Sixth Straight Day Of Gains Against The US Dollar

Olga Robert

The Indian rupee rose against the US dollar in the afternoon session below the 71-mark, making it the sixth straight day of gain for the domestic currency. It was trading at 70.85/dollar compared to its previous close of 71.17.

Things to know:

  • It opened flat at 71.16 on Tuesday morning.
  • The rupee rallied 62 paise on Monday.
  • Decline in international crude oil prices for the past few days is partly responsible for the currency's gain. For the week ending 9 February, global crude benchmark indices Brent and US WTI (West Texas Intermediate) reported their biggest weekly loss of 2019.
  • The rupee's gains are being capped by the American dollar's strengthening. The dollar index, a measure of the US dollar against six prominent currencies, is now at its strongest since early January as central banks around the world have shifted towards a dovish stance.
  • Despite the recovery, the rupee is still down by 2 percent against the US dollar so far in 2019.

Also Read:

Rupee May Sink To 78/US Dollar On Fiscal Deficit Woes In 2019

Non-Residents Allowed To Transfer Shares To Relatives Without PAN