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Rupee recovers marginally against US dollar on Monday
Jun-24-2019

Indian rupee recovered marginally against US dollar on Monday. Earlier, the rupee was opened flat amid rising crude oil prices following US-Iran tensions. US President Donald Trump said last week that he called off a military strike to retaliate for Iran's downing of an unmanned US drone, and he said on June 23 that he was not seeking war with Iran. But Pompeo also said ‘significant’ sanctions on Iran would be announced on June 24 aimed at further choking off resources that Tehran uses to fund its activities in the region. The domestic currency was also under pressure and trading in a narrow range after report surfaced that Viral Acharya has quit as RBI deputy governor. As per reports, Acharya has resigned six months before the scheduled end of his term. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 730.58 crore on Friday, as per provisional data. On the global front, the euro advanced to a three-month high against the dollar on Monday, as bearish bets on the US currency remained solid after the Federal Reserve signaled last week it could soon cut interest rates.

The partially convertible currency is currently trading at 69.54, stronger by 4 paise from its previous close of 69.58 on Friday. The currency touched a high and low of 69.6050 and 69.5375 respectively. The reference rate for the dollar stood at 69.63 and for Euro stood at 78.58 on June 21, 2019. While the reference rate for the Yen stood at 64.90, the reference rate for the Great Britain Pound (GBP) stood at 88.36.

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