Ru­pee Jumps 50 Paise to 72.50 Against US$ on Eas­ing Crude Prices

The Economic Times - - Markets: Beating Volatility -

Mum­bai: The ru­pee rose by 50 paise to end at 72.50 per US dol­lar Fri­day on in­creased sell­ing of the green­back by ex­porters amid soft­en­ing crude oil prices, which slipped below the $70 per bar­rel mark.

The dol­lar weak­ened fol­low­ing the US mid-tem 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 from 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.

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