Rupee advances to 75.91 against US dollar on low crude prices

Mumbai: The rupee advanced on Monday to close marginally higher at 75.91 against the US dollar on easing crude oil prices while forex outflows and weak domestic equities limited its gains.
At the interbank foreign exchange market, the rupee opened at 75.94 against the American dollar and oscillated between a high of 75.79 and a low of 76.09 during the session.
The rupee finally settled at 75.91 against the dollar, up by 2 paise from the previous close. On Friday, the rupee appreciated by 10 paise to settle at 75.93 against the US dollar.
“Rupee continued to trade in a range after the RBI in its policy meeting held rates unchanged but downgraded its growth forecast and estimates of inflation were revised higher.
“Overall, the commentary was a little hawkish and the impact of the same was seen on the rupee. On the domestic front, market participants will be keeping an eye on the inflation and industrial production number and that could provide volatility in the currency,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

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