₹ settles 8 paise higher at 69.07 against $

Mumbai: The Indian rupee pared initial losses and closed 8 paise higher at 69.07 against the US currency on Thursday, supported by

easing crude oil prices and weaker greenback.

However, the rupee movement was confined to a narrow range as forex traders took a cautious approach ahead of the G20 Summit, which is taking place amidst ongoing US-China trade tiff and rising tensions in the Middle East, according to experts.

At the interbank foreign exchange (forex) market, the domestic currency opened at 69.29 a dollar and touched a low of 69.32 and a high of 69.07 during the day. The local unit finally closed at 69.07 against the American currency, up 8 paise over its previous close.

On Wednesday, the rupee had settled at 69.15 against the US dollar."Easing of crude prices and gains in domestic equities markets during the Thursday's trade helped the rupee to appreciate to the highest level since June 4, 2019," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.

Brent crude futures, the global oil benchmark, fell 0.99 per cent to trade at $65.83 per barrel.