Rupee rises 7 paise to 88.59 against dollar

Mumbai: The rupee pared intraday losses to settle 7 paise higher at 88.59 against the US dollar on Monday, tracking firm domestic equity markets and lower global crude oil prices.

However, a strong greenback against major currencies overseas and foreign fund outflows weighed on the domestic unit, according to forex traders.

At the interbank foreign exchange market, the rupee opened at 88.70 and hit the intra-day high of 88.56 and the low of 88.73 against the dollar.

The unit finally settled at 88.59 against the dollar, registering a gain of 7 paise from its previous closing level.

On Friday, the rupee settled 4 paise higher at 88.66 against the US currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.29 per cent higher at 99.29.

The latest government data released on Monday showed India’s exports contracted 11.8 per cent to $34.38 billion in October.

Imports, on the other hand, jumped 16.63 per cent to $76.06 billion, widening the trade deficit to $41.68 billion.