Mumbai, July 27: The rupee appreciated sharply by 54 paise to close at 95.99 against the US dollar on Monday, driven by a steep correction in crude oil prices after the US and Iran paused the war in West Asia, triggering hopes of easing global trade tensions.
According to forex traders, the local currency also found support from a firm trend in domestic equities and weakness in the US dollar against major currencies.
At the interbank foreign exchange, the rupee opened at 96.18 and touched the low of 96.27 and high of 95.78 against the greenback during the session. The local unit finally settled at 95.99 against the dollar, up 54 paise compared to its previous closing level.
On Friday, the rupee recovered from its record low levels to settle 20 paise higher at 96.53 against the US dollar. The rupee’s all-time low closing level of 96.86 was recorded on May 20.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.20 per cent lower at 101.09. Brent crude, the global oil benchmark, declined 8.95 per cent to USD 88.12 per barrel in futures trade as the US and Iran halted attacks and hinted at moving on to a negotiation table. (PTI)
