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Rupee rises for 3rd day, up 19 paise at 68.92 against dollar

Friday, April 12, 2019

The Indian rupee yesterday climbed 19 paise to close at 68.92 against the US dollar, also marking a third straight session of gains, driven by sustained foreign fund inflows.

Besides, weakness in the greenback against major global currencies and easing crude prices aided the rupee uptrend.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.03% to 96.91. At the Interbank Foreign Exchange, the domestic unit opened at 69.15 and advanced to a high of 68.83 during the day. It finally settled at 68.92, a rise of 19 paise against the dollar over its previous close.

The rupee Wednesday had strengthened by 19 paise to 69.11 against the US dollar. In the last three trading sessions, it has appreciated by 75 paise.

"Beside weakness in American dollar against G-10 currencies, the fall in crude oil prices added strength in the domestic currency. Crude oil retreated from a five-month high after Russia's comment on crude output and an increase in US crude inventories," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.

Sharma further said the bias for the rupee remains bullish following foreign fund flows and more flows are lined up by a couple of overseas companies.

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