Rupee strengthens 38 paise against US dollar

Rupee is trading at 73.74 against dollar in the forex market after global crude prices eased.

Update: 2018-10-12 04:08 GMT
The rupee has suffered significant losses this year but the worst seems to be over and the domestic currency is expected to be in the range of 67-68 against the US dollar by December, according to an economist with HDFC Bank.

Mumbai: Continuing its recovery, the rupee on Friday strengthened 38 paise to 73.74 against the US dollar in early trade in the forex market after global crude prices eased.

Besides, dollar-selling by exporters and banks, the greenback's weakness against some currencies overseas, helped the recovery in the domestic currency.

Brent crude fell 3 per cent to trade at 80.37 a barrel in the global market.

Forex dealers said a higher opening in the equity market also supported the rupee's sentiment.

The local unit, after hitting a record low of 74.50 on Thursday, recovered 9 paise to end at 74.12 against the dollar.

Meanwhile, the BSE benchmark Sensex rebounded 377.12 points, or 1.11 per cent, to 34,378.27 in opening trade.

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