LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Rupee jumps 41 paise to 3-week high of 73.16 against dollar as crude falls

The rupee strengthened by 41 paise to close at more than  three-week  high of 73.16 against the US currency Wednesday as global crude oil prices eased and domestic equity markets staged a smart rebound.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Rupee jumps 41 paise to 3-week high of 73.16 against dollar as crude falls
The rupee strengthened by 41 paise to close at more than three-week high of 73.16 against the US currency Wednesday. Image source: PTI
Written By: PTI
Updated: Wed, Oct 24, 2018
09:39 pm
PTI
RELATED NEWS
From Gold price, Rupee to Markets Today: All you need to know From Gold price, Rupee to Markets Today: All you need to know
Rupee skids 13 paise to 73.51 against US dollar in early trade Rupee skids 13 paise to 73.51 against US dollar in early trade
Rupee vs Dollar: INR may hit all-time low of 75 per USD levels over US, Europe troubles Rupee vs Dollar: INR may hit all-time low of 75 per USD levels over US, Europe troubles
Coronavirus may pull down Indian rupee to all-time low against US Dollar, say experts Coronavirus may pull down Indian rupee to all-time low against US Dollar, say experts
Rupee settles 3 paise down at 71.35 against US dollar Rupee settles 3 paise down at 71.35 against US dollar

The rupee strengthened by 41 paise to close at more than three-week high of 73.16 against the US currency Wednesday as global crude oil prices eased and domestic equity markets staged a smart rebound.

 

Forex dealers said softening crude oil prices supported the rupee's upward movement. 

 

On Tuesday, Saudi Arabia pledged to meet any supply shortfalls and replace any looming shortages due to Iranian sanctions, which will start on November 4. Following this, Brent crude prices plunged to below USD 76 level before recovering to USD 76.03 per barrel. 

 

Falling crude oil prices eased concerns over forex outflows amd supported selling of the US currency by exporters.

 

The greenback's weakness against some currencies overseas also helped the recovery in the domestic currency.

 

"The Indian rupee traded higher by 41 paise at 73.16 per dollar versus a previous close of 73.57 on the back falling crude oil prices and on dollar selling by banks and exporters," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

 

At the Interbank Foreign Exchange (Forex), the rupee opened higher at 73.18, and soon gained further ground to jump 48 paise to touch a high of 73.09 on increased selling of the American currency by exporters and banks.

 

The domestic unit however pared some gains and settled the day up by 41 paise at 73.16 against the US dollar, a level not seen since October 1.

 

On Tuesday, the local currency had ended almost flat at 73.57 against the US currency.

 

Moreover, bullish trend in the equity market also boosted the local unit.

 

The BSE Sensex Wednesday recaptured the 34,000-mark by gaining 187 points or 0.55 per cent higher at 34,033.96. The broader NSE Nifty too recovered by 77.95 points, or 0.77 per cent, at 10.224.75.

 

Domestic institutional investors (DIIs) made purchases worth a net of Rs 116.41 crore, while foreign institutional investors (FIIs) sold shares to the tune of Rs 340.35 crore Tuesday, provisional data showed.

 

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 73.2645 and for rupee/euro at 83.9934. The reference rate for rupee/British pound was fixed at 95.0529 and for rupee/100 Japanese yen was 65.13.

 

Bond markets were also firm Wednesday on easing fuel prices. The yield of most traded 10-year 7.17 per cent government security softened by 2 basis points to 7.87. The yield of 7.59 per cent government security maturing in 2026 softened by over 1 basis point to 7.94.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
India Rupee
RELATED NEWS
From Gold price, Rupee to Markets Today: All you need to know From Gold price, Rupee to Markets Today: All you need to know
Rupee skids 13 paise to 73.51 against US dollar in early trade Rupee skids 13 paise to 73.51 against US dollar in early trade
Rupee vs Dollar: INR may hit all-time low of 75 per USD levels over US, Europe troubles Rupee vs Dollar: INR may hit all-time low of 75 per USD levels over US, Europe troubles
Coronavirus may pull down Indian rupee to all-time low against US Dollar, say experts Coronavirus may pull down Indian rupee to all-time low against US Dollar, say experts
Rupee settles 3 paise down at 71.35 against US dollar Rupee settles 3 paise down at 71.35 against US dollar

LATEST NEWS

Gold price today and much more: Consolidation likely in Rs 45200- Rs 46200 levels - Latest updates by ICICI Securities

Patient dies after receiving AstraZeneca vax in S.Korea

UP Gram Panchayat Election 2021 Reservation List Latest News Today: Check pradhan seat aarakshan details here

Transformational Solutions shaping inclusive Connected Citizen Ecosystem

Why Gold prices have got low and is it expected to fall lower? Should people be looking to invest in it?

PayPal plans to hire over 1K engineers in India

Redmi Note 10 series launch tomorrow: Check expected Price, Specs, Features and more!

BPSC CPDO Recruitment 2021: Salary up to Rs 1.67 lakhs - Check important dates, selection process and more

Insurance alert! Big decision by Modi government to facilitate resolution of complaints - All you need to know

Easy Trip Planners IPO date: Axis Capital highlights - face value, price band and much more

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved