Rupee opens higher at 71.38 per US dollar as crude prices fall

The rupee on Thursday appreciated by 11 paise to close at 71.45 against the US dollar after the Reserve Bank of India cut the repo rate and changed its policy stance to ‘neutral’.

The Indian rupee has opened higher on the back of fall in crude oil prices. The currency has opened at 71.38 per US dollar against its previous close.

The rupee on Thursday appreciated by 11 paise to close at 71.45 against the US dollar after the Reserve Bank of India cut the repo rate and changed its policy stance to ‘neutral’.

Forex traders said the domestic currency gained strength after the Reserve Bank of India Thursday cut benchmark lending rate by 0.25 percentage point to 6.25 per cent.

Moreover, easing crude prices and fresh foreign fund inflows also propped up the local unit.

This is the third consecutive session of appreciation for the rupee, during which it has gained 35 paise.With inputs from PTI

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