Rupee erases gains; trades at day's low

On Friday, The domestic currency closed higher by 0.44 percent at 70.56 to the US dollar.

The Indian rupee has erased all its morning gains and trading at day's low at 70.69 per dollar, down 13 paise.

It opened higher by 14 paise at 70.42 per dollar versus Friday's close 70.56.

The rupee spurted by 32 paise to close at a nearly two-month high against the US currency on Friday as crude oil prices receded following reports that Saudi Arabia had agreed on a temporary ceasefire in Yemen, said PTI.

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The domestic currency closed higher by 0.44 percent at 70.56 to the US dollar, a level not seen since August 2 when it had ended at 69.60, it added.

Global crude oil prices dropped on Friday after reports that Saudi Arabia has agreed to a partial ceasefire in Yemen against Houthi rebels, reducing risk of military action by its allies.

Oil production of Saudi Arabia returning to near-normal levels also dragged down oil prices.

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Published on Sep 30 2019 2:34AM, by wealthbuildup in Currency| Share This

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