Rupee rises 11 paise to 87.58 against dollar

Mumbai: The rupee rose by 11 paise to close at 87.58 against the US dollar on Thursday aided by a weaker greenback and a decline in crude oil prices.

However, concerns over additional US tariffs on Indian products, which kicked in on Wednesday, and a decline in domestic equity markets capped gains in the local unit, according to forex traders.

The US government has imposed a total of 50 per cent tariffs on Indian exports to America, barring a few sectors.

At the interbank foreign exchange, the rupee opened at 87.56 against the greenback and traded in the range of 87.53-87.68 during the day.

The local unit settled at 87.58, registering a gain of 11 paise from its previous close.

The rupee depreciated 13 paise to close at 87.69 against the US dollar on Tuesday.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.16 per cent to 98.07.

“The dollar index fell as US President Donald Trump’s unprecedented move to fire FED Governor Lisa Cook renewed concerns over the Central Bank’s independence,” Bhansali added.