The rupee appreciated by 13 paise to 69.22 against the US dollar in opening trade Tuesday, driven by easing crude oil prices and weakening of the US dollar in the overseas market.
After opening on a weak note, the rupee recovered the lost ground and finally settled 23 paise higher at 69.35 to the US dollar amid weakening of the greenback against major currencies.
The rupee opened on a flat note at 69.58 against the US dollar in opening trade on Monday amid rising crude oil prices and foreign fund outflows.
The rupee Friday fell 28 paise to trade at 69.72 against the US dollar in early trade following foreign fund outflows and rising crude prices after Iran said it had shot down a US military drone.
The rupee Thursday surged 24 paise to close at a one-week high of Rs 69.44 against the US currency on the back of a rally in equities and losses in the dollar after the US Federal Reserve hinted at a possible rate cut in near future.
India’s benchmark 10-year bond yields dropped to their lowest in 20 months on Thursday after the US Federal Reserve signalled possible interest rate cuts later this year, while buying from state-run banks also aided.
The rupee witnessed high volatility against the US dollar in opening trade on Thursday, after the US central bank left key interest rates unchanged. The US Federal Open Market Committee kept the key rate in the 2.25-2.5 per cent range.
The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.8010 and for rupee/euro at 78.4233. The reference rate for rupee/British pound was fixed at 87.4602 and for rupee/100 Japanese yen at 64.47.
Globally, spot gold was trading lower at USD 1,343 an ounce, while silver was down at USD 15.01 an ounce in New York.