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Rupee rises 5 paise 69.62 vs USD despite crude oil concerns

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Dion Global

23 Apr 2019

The rupee Tuesday recovered from the day's lows to close higher by 5 paise at 69.62 against the US dollar on some dollar selling by banks and exporters.

However, subdued equity market sentiment and a stronger dollar against its key rival currencies limited the rupee's gain, forex dealers said.

At Interbank Foreign Exchange, the rupee opened strong at 69.63 a dollar and touched a high of 69.53 in early trade.

The local currency erased its gains and dropped to a low of 69.83 as crude oil prices extended their Monday's rally, triggering inflationary and fiscal slippage concerns.

Crude oil prices rose to multi-month highs on Monday after the Trump administration decided not to renew waivers that let countries like India buy Iranian oil without facing US sanctions.