Mumbai– Positive global cues on easing trade protectionist measures strengthened the Indian rupee on Monday.
The Indian rupee strengthened by 33 paise to settle at 69.83 per US dollar, from its record closing low of 70.16 per greenback in the previous trade session.
“USD/INR moved wildly between 69.60 and 69.85 levels on spot before closing around 69.85 levels,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.
“Large corporate flows may have been responsible for the morning decline. However, weakness in CNH and Euro lifted the pair closer to day’s opening levels by the close.”
According to Rushabh Maru, Research Analyst with Anand Rathi Shares and Stock Brokers, the Indian rupee appreciated on the back of profit booking in the US dollar index.
“There is an optimism in the market that the US and China would find a solution for the ongoing trade conflict. So that has also supported the rupee,” Maru said.
Banerjee predicted the Indian rupee to range between 69.40 and 70.20 to a USD. (IANS)