Mumbai sources added 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. Furthermore this is the fifth successive session of gain for the domestic currency, during which it has climbed 62 paise.
Accordingly 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. Earlier on Friday, the rupee had ended 14 paise higher at 71.31 against the US dollar. Meanwhile 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%.
Sunil Sharma, Chief Investment Officer, and Sanctum Wealth Management "The Indian rupee appreciated for fifth straight day. INR is the best performing emerging market currency over last one week”. Moreover 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 and the reference rate for rupee/British pound was fixed at 92.0216 and for rupee/100 Japanese yen at 64.71.
