Rupee settles 22 paise up at 73.86 per USD, gold climbs Rs 188

Mumbai, Jun 18 (PTI): The rupee on Friday broke its eight-session long losing streak and appreciated 22 paise to close at 73.86 against the US currency, taking cues from stronger Asian currencies and lower crude oil prices. At the interbank foreign exchange market, the domestic unit opened lower at 74.10 per dollar from the previous close of 74.08. It touched a low of 74.27 during the day following the weakness in local stocks later. The rupee bounced back in line with the broader equity markets and settled at 73.86 against the American currency. The domestic currency had lost 128 paise in the last eight trading sessions till Thursday.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 91.93, up 0.05 per cent.
“In the last couple of days, the rupee has seen risk on account of higher crude oil and the stronger dollar index. After falling for eight consecutive days, the rupee gained taking cues from stronger Asian currencies and lower crude oil prices.
“There was aggressive dollar selling from few foreign banks and IPO related inflows well supported Rupee,” said Dilip Parmar, Research Analyst, HDFC Securities.
Parmar further noted that near-term focus will remain on crude oil, dollar index and capital flows for the rupee trend.
Gold in the national capital on Friday rose Rs 188 to Rs 46,460 per 10 gram reflecting recovery in global precious metal prices, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 46,272 per 10 gram.
Silver also jumped Rs 173 to Rs 67,658 per kilogram from Rs 67,485 per kilogram in the previous trade.
In the international market, gold was trading with gains at USD 1,791 per ounce and silver was marginally higher at USD 26.35 per ounce.
Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, “Gold prices traded steady, after a steep fall witnessed in the previous session.”