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Rupee Registers Slight Recovery Against US Dollar

A fall in global crude prices lifted sentiment in the domestic currency market despite intensifying trade tensions between US and China.

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Rupee Registers Slight Recovery Against US Dollar

Rupee moved in a tight range between 68.75 and 68.89 in the intraday trade.

The rupee ended higher by 5 paise at 68.77 against the US dollar on Wednesday on the back of some stray dollar selling by exporters and banks, reported news agency Press Trust of India (PTI). A fall in global crude prices lifted sentiment in the domestic currency market despite intensifying trade tensions between US and China. Traders also remained wary ahead of IIP and retail inflation data. Rupee moved in a tight range between 68.75 and 68.89 in the intraday trade. It had depreciated by 10 paise yesterday. 

Here are five things to know about movement in the rupee against the US dollar (INR vs USD) today: 

1. Global crude prices tumbled more than $2 per barrel following fresh threats from US President Donald Trump to slap tariffs on an extra $200 billion worth of Chinese imports. The benchmark brent crude was trading at $77.37, down 1.89 per cent in early Asian trading.    

2. Having posted a session high level of 68.75, the local unit finally settled at 68.77, showing gain of 5 paise, or 0.07 per cent. Meanwhile, the local bourses extended their winning run for the fourth day, led by technology shares, after IT major TCS delivered stellar Q1 earnings. 

3. Globally, the US dollar edged higher against a currency basket as escalating US-China trade tensions prompted investors to seek safety in the world's reserve currency.    

4. The dollar index, which measures the greenback's value against basket of six major currencies, was up at 93.90.    

5. In other cross currency trade, the rupee fell back against the pound sterling to close at 91.11 per pound from 91.09 and also softened against the euro to finish at 80.56 as compared to 80.53 earlier.

(With PTI Inputs) 

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