Business

Rupee ends at 1-week high of 68.66 against dollar

Mumbai, Jul 26 (PTI): | Publish Date: 7/27/2018 12:36:26 AM IST

The rupee rose by 13 paise to close at a fresh one-week high of 68.66 against the US dollar as steady unwinding of the greenback by exporters and banks helped the local unit to extend gains for the second day.

A rally in domestic stock markets coupled with positive trade-related headlines provided an additional boost and largely weighed on the trading front despite rise in crude prices.

Forex sentiment witnessed a revival of enthusiasm as currency traders took comfort in the encouraging meeting outcome after US President Donald Trump obtained concessions from the European Union to avert a transatlantic trade war.

The dollar tumbled to a two-week low against a basket of major currencies on easing trade tensions between the US and the European Union.

On the energy front, crude prices rallied after Saudi Arabia suspended its oil shipments through a key Red Sea strait. The benchmark Brent for September settlement was trading higher at USD 74.32 a barrel in early Asian trade.

The rupee resumed higher at 68.71 from previous close of 68.79 at the Interbank Foreign Exchange (forex) market and extended the positive momentum through the Asian session to hit a session high of 68.62.

But, the Indian rupee came off the days high against the dollar in late afternoon trade on bouts of dollar demand and settled the day at 68.66, revealing a gain of 13 paise, or 0.19 per cent.

It has now strengthened by 28 paise against the USD in last two days.

The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 68.7017 and for the euro at 80.6045.

 

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