The rupee pared initial gains to settle almost flat at 71.71 against the US dollar on Monday as rising crude oil prices kept investors edgy. Rising crude oil prices and foreign fund outflows weighed on the domestic currency, forex dealers said. Crude oil spurted 0.44 per cent to USD 61.81 per barrel in anticipation that new Saudi energy minister, Prince Abdulaziz bin Salman, would push for production cuts. At the interbank foreign exchange market, the local unit witnessed heavy volatility. During the day, the domestic unit shuttled between a high of 71.50 and low of 71.73.
Rupee Reverses Gains To Close Nearly Flat At 71.71 Against US Dollar.
September 9, 2019, Rajesh Cheruvu