Rupee opens 31 paise up at 73.14 against dollar

The rupee on Friday opened 31 paise up at 73.14 against dollar on account of selling of American currency by banks and exporters amid softening crude oil prices and upbeat economic numbers.

The local currency rallied 50 paise to close at 73.45 against the US dollar on Thursday.

Goods and Services Tax (GST) collections for October crossed Rs 1-lakh crore mark, while India jumped 23 places to land at the 77th rank in World Bank’s latest Ease of Doing Business rankings.

Manufacturing PMI also strengthened in October as firms scaled up production and employment amid strong rise in new business order flows.

US crude dipped 0.50 per cent to $63.37 a barrel, while Brent was trading 0.44 per cent down at $72.57.

According to Motilal Oswal Financial Services, rupee surged following broad weakness in the dollar and a sharp fall in global crude oil prices. Crude fell to the lowest level since April, due to growing concerns that global demand is weakening at a time when output from the world’s major oil producers is surging. Oil has also been under pressure on growing concern over a possible slowdown in global growth as the US- China trade dispute remains unresolved, and is starting to hit emerging market economies in particular. The US Energy Department said overall US crude output hit a record 11.35 million barrels per day in August, and is expected to keep growing.

“Today, USDINR pair is expected to quote in the range of 73.05 and 73.60,” Motilal Oswal Financial Services said in a report.

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