Ru­pee jumps 50 paise to 72.50 against $

The Hitavada - - BUSINESS -

THE ru­pee rose by 50 paise to end at 72.50 per US dol­lar on Fri­day on in­creased sell­ing of the green­back by ex­porters amid soft­en­ing crude oil prices, which slipped be­low the

USD 70 per bar­rel mark. The dol­lar weak­ened fol­low­ing the US midterm elec­tion re­sults, which showed Democrats wrest­ing con­trol of the House of Rep­re­sen­ta­tives from the rul­ing Repub­li­can party. How­ever, it later staged a re­cov­ery af­ter the US Fed kept in­ter­est rates un­changed but in­di­cated a hike next month.

Forex traders said the ru­pee’s rise was sup­ported by dol­lar-sell­ing by ex­porters and banks, and the green­back’s weak­ness against some cur­ren­cies over­seas.

At the In­ter­bank For­eign Ex­change (forex) mar­ket, the ru­pee opened on a firm note at 72.68 from Tues­day’s close of 73.

It climbed to a high of 72.45, driven by dol­lar sell­ing by ex­porters, but ceded some ground to fi­nally end at 72.50, up 50 paise over its last close.

The ru­pee had re­bounded by 12 paise to end at 73 per US dol­lar Tues­day. In the last two trad­ing ses­sions, the ru­pee has gained 62 paise.

The forex mar­ket was closed on Wed­nes­day and Thurs­day on ac­count of ‘Di­wali’ and ‘Di­wali Baliprati­pada’ re­spec­tively.

Mean­while, for­eign in­sti­tu­tional in­vestors (FIIs), which had been sell­ing on the In­dian bourses, made fresh pur­chases worth Rs 31.02 crore on Wed­nes­day, as per pro­vi­sional data.

The Fi­nan­cial Bench­mark In­dia Pri­vate Ltd (FBIL) set the ref­er­ence rate for the ru­pee/dol­lar at 72.7347 and for the ru­pee/euro at 82.5195.

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