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    Rupee appreciates by 46 paise to touch over 1-month high against dollar

    market | IST

    Rupee appreciates by 46 paise to touch over 1-month high against dollar


    The rupee rose by as much as 23 paise to touch 79.29 against the US dollar on Tuesday, supported by easing oil prices as well as a weakening greenback overseas. The rupee is now one percent above its all-time low.

    The rupee strengthened by 46 paise from its previous close to touch over one-month high against the US dollar on Tuesday, amid a fall in global crude oil rates and an easing greenback overseas.
    Global crude oil benchmarks gave up initial gains amid fears of aggressive rate hikes and falling demand.
    Brent crude futures fell as much as 2.9 percent to $91.2 a barrel, and West Texas Intermediate futures slid to as low as $86.6 per barrel, down 1.3 percent from the previous day.
    The dollar index — which measures the greenback against a basket of currencies — was last down 0.2 percent at 107.9.
    One shouldn't be surprised the see the rupee above 79.50 given the strong comeback in equities, boosted by the resumption of foreign fund inflows, and subdued oil prices, said Amit Pabari, Managing Director at CR Forex. 
    "A move above crucial resistance for the rupee at 79.20 can lead to levels towards 78.80, but a slide below 79.50 could take it to 79.80," he said. 
    Indian equity benchmarks BSE Sensex and NSE Nifty50 held on to the green following a gap-up start, boosted by gains across sectors. The 50-scrip index crossed to 18,000 mark in intraday trade for the first time since April 5.
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