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The rupee had raised 77paise to 70.69 against the US dollar in the face of declining crude oil prices and inflows of foreign capital. Photo: Mint
Mumbai: The rupee lost 18 weight points on Monday to close at $ 70.87 against the US dollar, as oil prices fell.
The national currency had gained 220 healthy benchmarks over the last seven trading sessions.
On the interbank foreign exchange market (forex), the rupee opened on a firm note at 70.48 against the US dollar, before reaching a high of 70.30 after the sale of dollars by the United States. exporters.
The local unit However, initial gains were reduced and the US dollar finally closed the day at $ 70.87, down 18 points from the previous close.
The rupee had rebounded 77 points to 70.69 against the US dollar due to lower crude oil prices. and inflows of foreign capital.
The foreign exchange market was closed Friday about guru Nanak Jayanti.
"The rupee seems to have reached a floor in the medium term, driven by the sharp drop in crude oil, the decline in sales abroad and the improved prospects of the national economy" said Sunil Sharma, Director of Investments, Sanctum Wealth Management.
Meanwhile, foreign institutional investors (FII) made new purchases worth 62.74 billion rupees on Monday, according to preliminary data.
Traders have indicated an uptrend in the market Crude oil prices have limited the fall of the rupee.
Brent's barrel traded at $ 59.64 a barrel.
At the same time, the 30-share Senbad settled 373.06 points, or 1.07%, up to 35,354.08 points. NSE Nifty, as a whole, jumped 101.85 points, or 0.97%, to 10,628.60. The reference rate for the rupee / pound was set at 90.6478 and for the rupee / 100 Japanese yen at 62.47.
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