Rupee opens 30 paise up at 72.70 against dollar

The rupee on Friday opened 30 paise higher at 72.70 against dollar on increased selling of the greenback by exporters and softening crude oil prices.

Oil prices were trading in red as rising supply and concerns of an economic slowdown pressured prices, with US crude now down by 20 per cent since early October.

US West Texas Intermediate (WTI) crude oil futures were at $61.63 per barrel at 0125 GMT, down 4 cents from their last settlement.

USDINR pair is expected to quote in the range of 72.50 and 73.05 today, according to Motilal Oswal Financial Services.

The rupee rebounded by 12 paise to end at 73 per US dollar on Tuesday. The currency market was closed both on Wednesday and Thursday.

This year the dollar rose against its major crosses after Republicans pushed through President Donald Trump’s significant tax cuts, and strong economic growth prompted the Federal Reserve to steadily raise interest rates. On Thursday, the Federal Reserve kept interest rates steady but remained on track to keep gradually tightening borrowing costs. The statement overall reflected little change in the Fed’s outlook for the economy since its last policy meeting in September.

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