Rupee extends gains, trades near day#39;s high
The Indian rupee has extended the morning gains and trading near the day’s high level at 71.73 per dollar, with domestic equity market also trading higher.
Local currency opened higher by 18 paise at 71.79 per dollar versus previous close 71.97.
The rupee has touched a high of 71.70 during intraday trade.
The Sensex was up 196.65 points or 0.49% at 40483.13, and the Nifty was up 53.80 points or 0.45% at 11925.90.
On November 14, rupee has posted gains after five losing sessions, as it closed 12 paise higher at 71.97 against the US dollar.
Oil prices posted early gains as OPEC’s outlook for oil demand next year fuelled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month.
The dollar found broad support on Friday as fresh signs of a global economic slowdown and little visible progress toward a Sino-US trade truce put investors in a risk-averse mood.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.