Rupee Surges 22ps To 87/$

Mumbai: The rupee surged 27paise to settle at 87 against the US dollar on Thursday following robust macroeconomic data and easing crude oil prices. Besides, recent weakness in the US dollar index also supported the local currency, forex dealers said. However, losses in domestic equities and unabated foreign capital outflows capped the sharp gain, they added. At the interbank foreign exchange, the rupee opened at 87.13 and hit the intraday high of 86.94 against the greenback. The unit touched the day’s low of 87.15 before ending the session at 87, 22paise higher from its previous closing level. In the previous session on Wednesday, the rupee settled 1 paisa lower at 87.22 against the US dollar. Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee recovered on upbeat macroeconomic data and a soft US dollar. However, weak domestic markets capped sharp gains. Choudhary further said that weak domestic markets, the ongoing trade tariff issue and FII outflows may cap a sharp upside. “Traders may take cues from PPI and weekly jobless claims data from the US. USD-INR spot price is expected to trade in a range of Rs 86.80 to Rs 87.25.”