Rupee opens 6 paise up at 69.94 against dollar

The rupee on Friday opened 6 paise higher at 69.94 against the greenback on account of some selling in American currency by banks and exporters amid softening crude oil prices.

The local currency appreciated by 69 paise to close at 69.70 against the US dollar on Thursday after the US Fed hiked the interest rate but lowered its projection for future hikes.

According to ICICIdirect, the rupee ended sharply on Thursday against the dollar on the back of a decline in crude oil prices as well as profit booking in dollar longs supported emerging market currencies including rupee. The dollar witnessed profit booking as major currencies staged a rebound supported by a relatively hawkish Fed policy meeting. A decline in US yields and lower oil prices could weigh on the dollar.

Crude oil prices declined over 4 per cent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a US interest rate rise knocked stock markets.

Original Article

Related Articles

Back to top button