Rupee strengthens: Forex rises 35 paise to 71.11 in opposition to greenback on falling crude costs

Mumbai: Rising for the seventh straight day, the rupee strengthened by 35 paise to 71.11 in opposition to the US greenback in early commerce Thursday on the again of falling crude oil costs.

Merchants mentioned greenback’s weak spot in opposition to some currencies abroad and elevated promoting of the dollar by exporters and banks additionally supported the rupee.

They mentioned contemporary overseas fund inflows and a steep fall of practically 7 p.c in world crude costs to one-year low on Tuesday buoyed rupee sentiments.

Representational picture.

On the interbank foreign exchange market, the rupee opened greater at 71.12 and rose additional to cite at 71.11, exhibiting an increase of 35 paise over its earlier shut of 71.46 in opposition to the greenback on Tuesday.

The rupee had gained 21 paise to finish at 71.46 in opposition to the US greenback Tuesday.

Within the final six buying and selling periods, the home unit has gained 143 paise.

Foreign exchange market remained shut Wednesday on account of Eid-e-Milad.

In the meantime, the benchmark BSE Sensex was up by 82.53 factors, or 0.23 per cent, to 35,282.33 in opening commerce.

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