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Rupee rises 3 paise to 70.46 against US dollar

Thursday, December 06, 2018

The rupee ticked higher by 3 paise to 70.46 against the US dollar yesterday amid weakness in the greenback and easing crude oil prices.

Forex traders said the rupee's rise was supported by dollar-selling by exporters and banks. Meanwhile, the Reserve Bank of India yesterday left the repo rate unchanged at 6.5% while maintaining the stance of 'calibrated tightening' of policy. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.70 and lost further ground to hit a low of 70.75.

The local unit, however, pared the initial losses and finally ended the session at 70.46 to the US dollar, up 3 paise. On Tuesday, the rupee had slipped 3 paise to close at 70.49 due to increased demand for the American currency from importers.

Brent crude, the international benchmark, was trading 0.32% lower at USD 61.88 per barrel yesterday.

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