Rupee Recovers 22 Paise Against US Dollars

Rupee Recovers 22 Paise Against US Dollars

Crude oil prices fell below the $70 per barrel mark, easing concerns over expanding current account deficit and inflation which have a bearing on rupee sentiment

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The rupee recovered 22 paise to close at 72.67 against the US currency on easing crude oil prices and better-than-expected macroeconomic data.

Crude oil prices fell below the $70 per barrel mark, easing concerns over expanding current account deficit and inflation which have a bearing on rupee sentiment.

Positive macro data which showed retail inflation dropping to a 13-month low in October also bolstered the market sentiment.

Besides, fund inflows by foreign investors and the US dollar’s weakness against some currencies overseas also supported the domestic unit, dealers said.

Brent crude fell 70 cents to $69.42 per barrel while West Texas Intermediate dropped 74 cents to $59.19 per barrel.

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