Rupee Stronger By 17 Paise; Closes At 72.20 Against Dollar
New Delhi: Keeping intact its appreciation spree on the second day, the Indian Rupee rose by 17 paise against the US dollar to close at 72.20 on Friday. The domestic currency surged to its highest level in more than two weeks- returning to 71 levels in intraday trade but lost the gains towards the end of the session.
The Indian Rupee rose to 71.84 against the US dollar but came down to 72 levels by the end of the day. Forex dealers have said that rupee gained due to selling of the dollar by exporters and banks, along with weakness in the greenback overseas amid easing of concerns of the US-China trade war.
Economists have stated that market has become cognizant of the fact that government will be vigilant henceforth on rupee management and additional policy measures could be on the anvil. Improvement in global risk appetite across asset classes has helped Asian forex and rupee.
On the other hand, data released by RBI showed that forex reserves rose by $1.2 billion to $400.5 billion in the week from September 14. The forex reserves were back to $400 billion levels after declining last week. Last week, forex reserves had fallen by $819.5 million to stand at $399.3 billion.