Rupee ends 2-day fall, surges 54 paise to 71.24 vs USD; key reasons

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Published: September 18, 2019 6:47:09 PM

Ending the two-day falling spree, the rupee gained 54 paise to close at 71.24 against the US dollar on Wednesday, as pressure eased on the emerging market currencies owing to fall in crude oil prices.

EPFO members, diwali gift for EPFO, EPFO interest rate for 2018-19, EPFO interest rate for FY19, how to withdrawal PF fund, how to claim EPF, Labour Minister Santosh Gangwar, Employees Provident Fund Organisation, EPFOThe local unit finally settled at 71.24, higher by 54 paise over its previous close of 71.78, at the Interbank Foreign Exchange.

Ending the two-day falling spree, the rupee gained 54 paise to close at 71.24 against the US dollar on Wednesday, as pressure eased on the emerging market currencies owing to fall in crude oil prices. At the Interbank Foreign Exchange, the rupee opened at 71.47 and surged to an intra-day high of 71.17 against the US dollar. The local unit finally settled at 71.24, higher by 54 paise over its previous close of 71.78. The rupee opened at 71.47 and surged to an intra-day high of 71.17 against the US dollar. The local unit finally ended the day at 71.24, higher by 54 paise over its previous close of 71.78, at the Interbank Foreign Exchange.

After the Saudi Arabia’s energy minister said production capacity at its plant targeted by drone attacks over the weekend would be fully restored by the end of the month, the investment scenario improved worldwide.

Also read: Sensex, Nifty rebound after falling in last two sessions; key things to know

Meanwhile, the benchmark equity indices — Sensex and Nifty — on Wednesday rebounded after falling in the last two trading sessions, owing to gains in energy, metal and power stocks as global crude oil prices eased and rupee recovered against the dollar. While Sensex ended 82.79 points, or 0.23 per cent, higher at 36,563.88, Nifty settled 23.05 points, or 0.21 per cent, up at 10,840.65 in the rangebound session.

“The correction in crude oil prices has definitely provided respite to investors. Nonetheless, geo-political developments would still be one of the key factors on investors’ radar as any further escalation would have an adverse impact on markets and economy. Apart from this, the FOMC meet outcome tonight would be a key factor as there is a wide expectation of a rate cut,” Ajit Mishra Vice President, Research, Religare Broking said.

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