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Rupee darts up 19 paise to 69.37 vs USD on easing crude prices.


Date: 03-05-2019
Subject: Rupee darts up 19 paise to 69.37 vs USD on easing crude prices
The rupee appreciated by 19 paise to 69.37 against the US dollar Thursday, registering its third consecutive session of gain amid easing crude oil prices and weakening of the greenback against other major currencies overseas.

Forex dealers said selling of the American currency by exporters and sustained foreign fund inflows also propped up the rupee.

At the interbank foreign exchange market, the domestic unit opened at 69.60 per dollar and advanced to a high of 69.62 during the day.

It finally settled at 69.37, registering a rise of 19 paise over its previous close.

The rupee had settled at 69.56 against the US dollar Tuesday. Currency market was shut on Wednesday on account of Maharashtra Day.

Brent crude futures, the global oil benchmark, slipped 0.93 per cent to USD 71.51 per barrel. Crude prices have recovered significantly from their six-month high of USD 75.60 per barrel.

"Oil prices fell today, pulled down by record US crude production that led to a surge in inventories. Brent is set for a weekly loss, which would break its longest string of weekly gains for a year," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.

The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.05 per cent to 97.63.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 114 crore Tuesday, according to provisional exchange data.

Meanwhile, the US Federal Reserve held key interest rates steady amid lack of inflationary pressures.

Equity benchmarks Sensex and Nifty ended on a negative note after a volatile session Thursday as weakness in banking, IT and auto stocks weighed on investor sentiment amid mixed global cues.

The BSE Sensex settled 50.12 points, or 0.13 per cent, lower at 38,981.43. In similar movement, the broader NSE Nifty slipped 23.40 points, or 0.20 per cent, to close at 11,724.75.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.5419 and for rupee/euro at 77.8841. The reference rate for rupee/British pound was fixed at 90.7870 and for rupee/100 Japanese yen at 62.34.

Source: moneycontrol.com

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