The Indian rupee is trading higher by 13 paise at 70.56 per dollar on Friday versus Thursday's close 70.69.

The rupee snapped its five-day losing streak to close higher by 20 paise at 70.69 against the US dollar on August 8, tracking sharp gains in domestic equities after reports of rollback of a tax surcharge on foreign portfolio investors, said PTI.

At the interbank foreign exchange, the rupee witnessed high volatility against the US dollar. The local unit opened strong at 70.80 and during the day touched a high of 70.55 and a low of 70.94 against the American currency, it added.

The dollar-rupee August contract on the NSE was at 70.80 in the previous session. Open interest declined 5.67 percent in the previous session, said ICICIdirect.

We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.

Published On : 09-08-2019

Source : Money Control