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.