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Rupee rises six paise to settle at 82.95 against U.S. dollar

The Rupee appreciated six paise to settle at 82.95 (provisional) against the U.S. dollar on February 20, amid robust equity market sentiment and a weak American currency. Forex traders said, sustained outflow of foreign funds capped a sharp gain in the domestic currency.

At the interbank foreign exchange market, the local unit opened at 83.02 and touched the intraday high of 82.91 against the greenback.

The local unit finally settled at 82.95 (provisional) against the dollar, registering a gain of six paise from its previous close. On February 16, the Rupee settled four paise higher at 83.01 against the U.S. dollar.

The currency market was closed on February 19 on account of Chatrapati Shivaji Maharaj Jayanti. Jateen Trivedi, VP Research Analyst, LKP Securities, said the rupee strengthened as the dollar index weakened.

“Additionally, a minor correction in crude prices after a strong…

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