Mumbai, Apr 26 () The rupee rebounded by 23 paise to close at 70.02 against the US dollar Friday after Brent crude oil prices receded from a six-month high of USD 75.60/barrel.
Forex traders said the greenback’s weakness against key rivals overseas, sustained foreign fund inflows and heavy buying in domestic equities also supported the rupee upmove.
At the interbank foreign exchange market, the domestic unit opened at 70.12 and advanced to a high of 69.97 during the day. It finally settled at 70.02, registering a rise of 23 paise against the dollar over its previous close.
The rupee Thursday had slumped 39 paise to close at more than six-week low of 70.25 against the US dollar.
“Indian rupee recovered Thursday’s loss after Brent crude oil prices recedes from a six-month high of USD 75.60/barrel,” V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities said adding that since start of the April the correlation between Brent crude oil and USD/INR steadily rising.
