Rupee settles 13 paise higher at 71.85 against USD amid easing crude oil prices

Forex traders said while weak dollar and easing crude oil prices supported the rupee, losses in domestic stocks and foreign fund outflows weighed on the local unit restricting its upmove.

The rupee on Tuesday recovered 13 paise to close at 71.85 (provisional) against the US dollar amid easing crude oil prices and weakening of the American currency in the overseas market.

The Indian currency settled higher by 13 paise at 71.85, cutting short its three-day losing run, according to provisional market data. (REUTERS (Image for representation purpose))

Forex traders said while weak dollar and easing crude oil prices supported the rupee, losses in domestic stocks and foreign fund outflows weighed on the local unit restricting its upmove.

At the interbank foreign exchange market, the local currency opened on a positive note at 71.84. During the day, it saw a high of 71.78 and a low of 71.90.

The Indian currency settled higher by 13 paise at 71.85, cutting short its three-day losing run, according to provisional market data. The domestic unit had settled at 71.98 against the American currency on Monday.

“Rupee started the day strong on back of firm opening of stocks, selling by exporters and a weak dollar,” said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.