Rupee rises by 22 paise to close at ₹79.02 against U.S. dollar
The Hindu
The dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.52% at 105.34.
The rupee appreciated by 22 paise to close at ₹79.02 (provisional) against the U.S. dollar on Monday on risk-on sentiments, decline in crude oil prices and weak American currency.
At the interbank forex market, the local unit opened higher at ₹79.16 on gains in stocks and fall in crude oil.
The rupee touched a high of ₹79.00 and a low of ₹79.22 before settling at ₹79.02 (provisional). In the previous session, the rupee had closed at ₹79.24 against the U.S. dollar.
The dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.52% at 105.34.
Brent crude futures, the global oil benchmark, fell 1.21% to $102.71 per barrel.
According to Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, Indian rupee appreciated on risk-on sentiments, decline in crude oil prices and weak U.S. Dollar.
Moreover, India's Manufacturing PMI rose to 56.4 in July compared to 53.9 in June, and this also supported the rupee.
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