<p>Mumbai: The rupee recovered from record low level and closed with a steep gain of 75 paise at 86.03 (provisional) against the US dollar as global crude oil prices went down following hopes of deescalation in Middle East tensions.</p>.<p>A weak greenback and positive sentiments in the domestic equity markets further boosted the local unit, according to forex traders.</p>.<p>Brent crude, the global oil benchmark, plummeted 3.19 per cent to $69.20 per barrel in futures trade as US President Donald Trump announced that Iran and Israel agreed to a ceasefire.</p>.Markets trim gains on renewed geopolitical tensions in Middle East; Sensex rises 150 points.<p>At the interbank foreign exchange, the local unit opened at 86.07 against the US dollar and traded in the range of 85.91-86.27 before closing at 86.03 (provisional), up 75 paise from its previous close.</p>.<p>The rupee had plunged 23 paise to close at a five-month low of 86.78 against the US dollar on Monday.</p>.<p>Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee gained on improved global risk sentiments on reports of a ceasefire between Israel and Iran.</p>.<p>Also, Choudhary said a sharp decline in crude oil prices and positive domestic markets favoured the rupee, while the dollar index softened amid the ceasefire reports.</p>.<p>Going forward, he said, traders may take cues from US consumer confidence and Federal Reserve Chair Jerome Powell's testimony. "USD-INR spot price is expected to trade in a range of Rs 85.60-86.40." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.48 per cent lower at 97.94.</p>.<p>In the domestic equity market Sensex rose 158.32 points to settle at 82,055.11, while Nifty climbed 72.45 points to 25,044.35.</p>.<p>Foreign institutional investors (FIIs) offloaded equities worth Rs 1,874.38 crore on a net basis on Monday, according to exchange data. </p>
<p>Mumbai: The rupee recovered from record low level and closed with a steep gain of 75 paise at 86.03 (provisional) against the US dollar as global crude oil prices went down following hopes of deescalation in Middle East tensions.</p>.<p>A weak greenback and positive sentiments in the domestic equity markets further boosted the local unit, according to forex traders.</p>.<p>Brent crude, the global oil benchmark, plummeted 3.19 per cent to $69.20 per barrel in futures trade as US President Donald Trump announced that Iran and Israel agreed to a ceasefire.</p>.Markets trim gains on renewed geopolitical tensions in Middle East; Sensex rises 150 points.<p>At the interbank foreign exchange, the local unit opened at 86.07 against the US dollar and traded in the range of 85.91-86.27 before closing at 86.03 (provisional), up 75 paise from its previous close.</p>.<p>The rupee had plunged 23 paise to close at a five-month low of 86.78 against the US dollar on Monday.</p>.<p>Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee gained on improved global risk sentiments on reports of a ceasefire between Israel and Iran.</p>.<p>Also, Choudhary said a sharp decline in crude oil prices and positive domestic markets favoured the rupee, while the dollar index softened amid the ceasefire reports.</p>.<p>Going forward, he said, traders may take cues from US consumer confidence and Federal Reserve Chair Jerome Powell's testimony. "USD-INR spot price is expected to trade in a range of Rs 85.60-86.40." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.48 per cent lower at 97.94.</p>.<p>In the domestic equity market Sensex rose 158.32 points to settle at 82,055.11, while Nifty climbed 72.45 points to 25,044.35.</p>.<p>Foreign institutional investors (FIIs) offloaded equities worth Rs 1,874.38 crore on a net basis on Monday, according to exchange data. </p>