ZCZC
BCN-17
INDIA-RUPEE-USD-MONTHLY
Rupee ends at fresh 2-month high of 71.93 despite oil rebound
Mumbai, Nov 17, 2018 (BSS/PTI) – The rupee Friday strengthened further
by 4 paise to close at a fresh two-month high 71.93 against the US currency,
continuing its gaining streak for the fourth day, despite a rebound in oil
prices and a stronger dollar.
Crude oil prices falling below the USD 70 per barrel mark and forex inflows
have boosted the rupee sentiment as the domestic currency posted gains of 57
paise or 0.79 per cent this week to touch two-month high levels.
Increased selling of the US currency by exporters and banks and gains in
equity markets aided the rupee to post gains for the fourth day.
The rupee opened higher at 71.94 per dollar against the last close of 71.97
per dollar and later touched a high of 71.71 per dollar on forex inflows and
positive export data.
The rupee, however, lost most of the gains later in the day as oil prices
rebounded more than 1.5 per cent, triggering concerns over inflation and
current account deficit.
The rupee finally settled higher by 4 paise at 71.93 per dollar, a level not
seen since September 14.
Foreign funds bought shares worth a net of Rs 844 crore Friday, the
provisional data showed.
Meanwhile, the BSE Sensex Friday continued its rising streak for the second
day to end at near a four-week high of 35,436.33.
The Brent crude gained 1.58 per cent to USD 67.67 per barrel after Saudi
Arabia reiterated its call to reduce production from December.
Meanwhile, the British pound rebounded from lows Friday after Theresa May
stuck to her Brexit deal despite strong opposition. The pound sterling rose
nearly 0.5 per cent against the dollar.
BSS/PTI/HR/1100