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Rupee recoups 8 paise to 70.82 against US dollar

Press Trust of India  |  Mumbai 

The Friday staged a mild recovery to close at 70.82, rising 8 paise against the US in line with rally in domestic stocks and positive global cues.

At the Foreign Exchange (forex), the opened on a firm note at 70.58 against the US and surged further to touch a high of 70.44 during the day.

The local unit finally settled for the day at 70.82, higher by 8 paise over its previous closing price.

On Thursday, the lost 44 paise against the to close at 70.90.

Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year.

The (FBIL) set the reference rate for the rupee/dollar at 70.5663 and for rupee/euro at 80.2245. The reference rate for rupee/British pound was fixed at 90.1212 and for rupee/100 Japanese yen at 62.53.

Meanwhile, global soared as much as 4 per cent as and OPEC members seemed to have moved closer to an agreement to cut output.

The Organization of the Petroleum Exporting Countries was meeting in for a second day running.

Brent crude, the international oil benchmark, was trading 4.21 per cent higher at USD 62.62 per barrel Friday.

The BSE Sensex rallied 361.12 points, or 1.02 per cent, to close at 35,673.25. Similarly, the broader NSE Nifty jumped 92.55 points, or 0.87 per cent, to 10,693.70.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 20:00 IST