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Rupee opens 7 paise higher at 71 against US dollar

The domestic unit gained 26 paise to close at 71.07 as softer crude prices and gains in domestic equities bolstered forex market sentiments.

SI Reporter  |  New Delhi 

rupee

The opened 7 paise higher at 71 against the on Friday amid rise in and positive Asian equities.

The domestic unit gained 26 paise to close at 71.07 as softer crude prices and gains in bolstered forex market sentiments.

ON Thursday, rose in the later half of the session and is currently trading at the lower band of the range. The currency rose against the primarily after global crude started to come under pressure. Data released by the EIA showed US crude oil inventories went up by 8 million barrels in the week to January 18, said Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services.

"Today, USD/INR pair is expected to open quote in the range of 70.70 and 71.50," Somaiya added.

On the global front, Asian stocks inched higher on Friday, buoyed by gains in US technology shares, but gains were capped by worries over slowing growth in Europe and caution ahead of several key events next week including US-China trade talks, Reuters reported.

First Published: Fri, January 25 2019. 09:30 IST
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