Rupee logs 4th straight gains, spurts 27 paise against USD

The Indian rupee continued its winning run for fourth session in a row, soaring 27 paise to settle at 70.94 to the US dollar as softening crude oil prices lifted forex market sentiments. After opening marginally lower, the rupee staged a significant recovery and went on to hit a high of 70.86 against the American unit. It, however, settled at 70.94, showing a gain of 27 paise.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 97.57. The global crude benchmark Brent was trading lower by 0.03 per cent at USD 65.30 per barrel.

"...on the back of softening crude prices...risky assets are favoured on back of US Iran geopolitical tension easing. The levels of 71.30-71.45 shall keep acting as a crucial barrier for USD-INR pair whereas 71.00-70.85 as supports in coming sessions," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.