Rupee rises 9 paise against US dollar after Fed rate cut

October 31, 2019 10:20

The rupee appreciated by 9 paise to 70.81 against the American currency in early trade on Thursday after the US Federal Reserve cut its benchmark interest rate. A positive opening in the equity market, weak dollar against other major currencies overseas and persistent foreign fund inflows supported the rupee, forex dealers said.

However, rising crude oil prices capped the gains for the domestic unit, they added. At the interbank foreign exchange market, the rupee opened on a firm footing at 70.77 but soon pared some gains to trade at 70.81, up 9 paise over its previous close. On Wednesday, the rupee had settled at 70.90 against the US dollar. -- PTI

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