Rupee extends gains for 2nd day

November 15, 2019 18:01

The rupee appreciated by 18 paise to close at 71.78 against the American currency on Friday, extending gains for a second day on the back of easing crude oil prices and positive trends in equity markets.

At the interbank foreign exchange market, the rupee opened at 71.80 against the US dollar. It fluctuated between a high of 71.68 and a low of 71.87 in day trade. On Thursday, the rupee had closed at 71.96 against the American currency. On a weekly basis, the local unit lost 50 paise.

"Rupee has been retracing its losses for last two sessions. From the low of 72.25 registered on November 14, the rupee has retraced back to 71.80 levels. However, we believe that primary trend of the rupee is bearish and it is likely to find resistance around 71.50 odd levels," said V K Sharma, Head - PCG & Capital Market Strategy, HDFC Securities. - PTI

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