Rupee opens 17 paise up at 70.52 against dollar

The rupee on Monday opened 17 paise higher at 70.52 against the US dollar following softening crude oil prices and selling of American currency by banks and exporters.

The local currency gained 77 paise to end at 70.69 on Thursday. This was the seventh straight session of gains for the domestic currency amid the US dollar weakening against some currencies overseas.

Financial markets were closed on Friday on account of a public holiday.

In the last seven trading sessions, the rupee has gained over 200 paise against dollar.

Oil prices slumped up to nearly 8 per cent to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output.

In the recent past, increased supply of oil by the US producers but expectation of trimming supply by OPEC nations in the scheduled meeting kept losses restricted for the commodity.

“On the domestic front, India’s central bank continued to intervene to restrict major volatility for the currency. Latest data for the week ended November 16 showed reserves increased by $568.9 million to $393.58 billion suggesting that the central bank is building up its reserves at lower levels. Today, USDINR pair is expected to quote in the range of 70.20 and 70.80 against dollar,” Motilal Oswal said in a report.

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