Rupee Surges 40 Paise To 69.95 A Dollar

Mumbai: The rupee on Friday surged by 40 paise to finish at a one-week high of 69.95 against the U.S. dollar amid strong dollar buying by banks and exporters due to greenback’s weakness overseas.

The domestic unit moved in a range of 70.12 to 69.89, before finally ending at 69.95, showing a gain of 40 paise or 0.57%. This is the rupee’s highest closing level since December 20, when it had closed at 69.70.

The BSE Sensex rose by 0.75% to reclaim the 36,000-mark on across-the-board buying by investors. The broader NSE Nifty gained 0.74%.

Analysts said a weak dollar overseas and oil supply glut concerns propped up the domestic currency. At the Interbank Foreign Exchange, the rupee opened strong at 70.05 a dollar against the previous close of 70.35.

Notably, the U.S. dollar was trading lower against global currencies due to market volatility, uncertainties related to U.S. government shutdown, weak global growth prospects and renewed fears of U.S.-China trade tensions.

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