Rupee rises to 71.11 against US dollar

According to reports from ANI,the dollar’s weakness against some currencies overseas and the increased selling of greenback by exporters and banks have spiked the price of the rupee to 71.11 against US dollar.

For the seventh straight day,the rupee strengthened  by 35 paise to 71.11 against the US dollar due to fall in crude prices.Traders said that the dollar’s weakness against some currencies overseas and increased selling of the greenback by exporters and banks also supported the rupee.

They further said that the foreign fund inflows and steep fall of nearly 7 percent in Global crude prices to one year low om tuesday has buoyed rupee prices.

At the interbank forex market, the rupee opened higher at 71.12 and rose further to quote at 71.11, showing a rise of 35 paise over its previous close of 71.46 against the dollar on Tuesday.

In the last six trading sessions, the domestic unit has gained 143 paise.

Forex market remained shut Wednesday on account of Eid-e-Milad. Meanwhile, the benchmark BSE Sensex was up by 82.53 points, or 0.23 per cent, to 35,282.33 in opening trade.