Rupee appreciates 29 paise; trades at 71.21/$

On Tuesday, the domestic unit skidded 16 paise against the dollar amid heavy selling pressure in domestic equities.

Jan 23, 2019 05:01 IST India Infoline News Service

The Indian rupee has appreciated 29 paise on Wednesday to open at 71.19 against the dollar compared to its previous close of 71.44/$.

At 10:40AM IST the domestic unit was trading at 71.21 against the dollar.

The appreciation is on the back of a weak dollar. The greenback was under pressure against its major peers amid concerns regarding slowing global economic growth. Further, unsolved trade disputes between the US and China also kept the dollar under pressure.

Moreover, easing crude oil prices in global markets also kept the rupee elevated. International benchmarks for oil, Brent and West Texas Intermediate (WTI), dropped ~2% each on global demand growth worries.

On Tuesday, the domestic unit slid 16 paise against the dollar amid heavy selling pressure in domestic equities.

Meanwhile, equity benchmark indices were trading in the red with the Sensex declining 28 points at 36,416 levels. Nifty also dipped 2 points to trade at 10,921 levels.

Related Story