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Rupee spurts to over 2-week high of 71.50 against US dollar

After starting off on a stronger note, the domestic unit further strengthened its position tracking a host of positive factors. It traded in the range of 71.49-71.68, before settling at 71.50 a dollar, clocking a gain of 24 paise — the biggest single-day rise since October 17.

The rupee gain was further strengthened by weakening of dollar against the key rival currencies. The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.01 per cent to 98.31.

Global benchmark Brent crude futures, however, rose 0.05 per cent to USD 63.68 per barrel.

Globally, market sentiment improved after China’s Commerce Ministry says the lead envoys in trade talks between Beijing and the US spoke on the phone and agreed to continue to work toward a preliminary agreement for resolving their tariff war.

 

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