Rs stems losses, rallies 54 paise to 71.24/$ on easing oil prices

Mumbai: Snapping its two-day falling streak, the rupee rebounded 54 paise to finish at 71.24 against the US dollar on Wednesday as sliding crude oil prices eased pressure off emerging market currencies.

However, unabated foreign fund outflows capped the gains, forex traders said. Global equities and oil markets stabilised after Saudi Arabia's energy minister said production capacity at its plant targeted by drone attacks over the weekend would be fully restored by the end of the month. At the Interbank Foreign Exchange, the rupee opened at 71.47 and surged to an intra-day high of 71.17 against the US dollar. The local unit finally settled at 71.24, higher by 54 paise over its previous close of 71.78.