Rupee pares initial losses, settles 5 paise up at 71.76 against USD

The rupee pared initial losses and settled 5 paise up at 71.76 against the US currency on Thursday amid softening crude oil prices and weakening of the greenback vis-a-vis other currencies overseas. Forex traders said the rupee rebounded after China said it will strive to reach 'phase one' trade deal with the US.

At the interbank foreign exchange market, the rupee opened at 71.83 against the US dollar. During the day, the domestic unit fluctuated between a high of 71.72 and a low of 71.89 and finally ended the day at 71.76 against the US dollar. On Wednesday, the domestic unit had settled at 71.81.

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