Rupee extends winning run to 7th day; rises 22 paise to 70.92 vs USD
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The rupee marched higher for the seventh straight session on Friday to close at 70.92 per US dollar, up 22 paise, as softening crude oil prices and easing US-China trade tensions bolstered investor sentiment.
Most Asian currencies gained following signs of rapprochement between US and China over their trade dispute.
US Treasury Secretary Steven Mnuchin on Thursday said that Washington wants to make ‘meaningful progress’ in China trade talks.
Robust buying in domestic equities and a weakening dollar also propped up the domestic unit, forex traders said.
The Indian currency has appreciated by 147 paise in the last seven trading sessions.
At the interbank foreign exchange market, the rupee opened at 70.94 a dollar. It shuttled between a high of 70.86 and low of 71.15, before finally settling at 70.92, up 22 paise over its previous close.
The rupee had finished at 71.14 against the greenback on Thursday.
On a weekly basis, the local unit has gained 82 paise.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.29 per cent to 98.02.
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