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Rupee gains 13 paise to 71.18 vs USD on easing crude price

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Dion Global

11 Feb 2019

The rupee strengthened by 13 paise to close at 71.18 against the US dollar Monday on easing crude oil prices, even as the greenback strengthened vis-a-vis other major currencies.

This is the fifth successive session of gain for the domestic currency, during which it has climbed 62 paise.

At the Interbank Foreign Exchange (forex) Monday, the rupee opened on a firm note at 71.24. It gained further to hit a high of 71.09 and finally settled for the day at 71.18, up 13 paise over its last close.

On Friday, the rupee had ended 14 paise higher at 71.31 against the US dollar.

Easing crude price was a major factor that boosted the rupee sentiments. Brent crude, the global oil benchmark, was trading at USD 61.94 per barrel, down by 0.26 per cent.

Forex traders attributed the US dollar movement to renewed concerns over ongoing US-China trade talks and global economic recovery.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.10 per cent to 96.73.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.1621 and for rupee/euro at 80.5882. The reference rate for rupee/British pound was fixed at 92.0216 and for rupee/100 Japanese yen at 64.71.