Rupee rises 2 paise to 82.99 against U.S. dollar in early trade
The Hindu
Mumbai: Rupee strengthens to 82.99 against dollar on softening crude oil prices, despite foreign fund withdrawals.
The rupee rose 2 paise to 82.99 against the U.S. dollar in early trade on February 20, amid softening crude oil prices in the overseas market.
Forex traders said, however, a strong American currency, withdrawal of foreign funds and subdued equity market sentiment kept the local unit under pressure.
At the interbank foreign exchange, the domestic currency opened at 83.02 and inched up to 82.99 against the greenback in initial deals, registering a gain of 2 paise from its previous close.
On February 16, the rupee settled 4 paise higher at 83.01 against the U.S. dollar.
The currency derivatives market was closed on February 19 on account of Chhatrapati Shivaji Maharaj Jayanti.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.13% higher at 104.28.
Brent crude futures, the global oil benchmark, declined 0.13% to $83.45 per barrel.
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