Rupee recovers, trades at 71.67 per dollar
The Indian rupee has recovered from the intraday low and trading marginally higher at 71.67 per dollar.
It opened lower by 14 paise at 71.84 per dollar versus Monday’s close 71.70.
The rupee pared initial gains to settle almost flat at 71.71 against the US dollar on Monday as rising crude oil prices kept investors edgy. Rising crude oil prices and foreign fund outflows weighed on the domestic currency, PTI said.
The rupee has extended gains for the fourth day in a row. The rupee had settled at 71.72 against the US dollar on Friday, it added.
The forex market was shut on Tuesday on account of Muharram.
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The dollar-rupee September contract on the NSE was at 71.84 in the previous session. Open interest declined 3.49 percent in the previous session, said ICICIdirect.
We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, it added.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.