Rupee settles 34 paise higher at 71.56 against US dollar

The Indian rupee Monday recovered by 34 paise to close at 71.56 against the US dollar as forex market sentiments were driven by the country’s narrowing trade deficit in November as also smart gains in domestic equities.

Besides, the American currency’s weakness against its major rivals globally helped the rupee further its gains. According to commerce ministry data, India’s trade deficit came down to USD 16.67 billion in November 2018 from USD 17.13 billion in October this year.

At the Interbank Foreign Exchange, the rupee opened higher at 71.84 a dollar and soon gathered momentum to touch a high of 71.51.

The domestic unit, however, pared some gains and settled the day up by 34 paise at 71.56 a dollar. On Friday, the rupee had dropped by 22 paise to close at 71.90 against the US dollar.

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