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The Indian currency experienced its second successive session of fall.
The rupee had closed at 70.21 against the US dollar on Tuesday amid renewed concerns over the widening of current account deficit.
At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.76 against the US dollar, then appreciated further to 69.76 showing a rise of 20 paise over its previous closing.
Though rupee found its feet in December, a host of risks — domestic and global — may keep it on the cliff and continue to puzzle market watchers by its indirection in 2019.
At the Interbank Foreign Exchange, the rupee opened on a weak note at 70.63 against the US dollar, showing a decline of 24 paise over it's previous closing.
After the new RBI governor Shaktikanta Das took charge, a higher opening of domestic equity markets boosted the Indian currency.
After a positive increase in the value of rupee on Friday, the greenback strengthened as its demand increased.
The rupee was depreciating from the start of this week until the greenback weakened against some currencies.
At the Interbank Foreign Exchange (Forex), the rupee opened lower at 70.88, but soon recovered the lost ground and touched a high of 70.58.
The local unit, however, pared the initial losses and finally settled the day on a higher note at 70.79 to the US dollar, up 8 paise.
India imports more than two-third of its oil requirement and a fall in crude prices eases dollar demand from importers.
A downfall in crude oil prices by almost 7 per cent and the greenback's weakness against some overseas currencies saw the rupee going strong.
Increased selling of the dollar amidst reducing crude oil prices saw the American currency weakening against other foreign currencies.
The local unit, however, pared the initial gains and finally settled the day at 71.46 to the US dollar, up 21 paise.
The central bank has been very active in the past few months in the spot market to save the rupee which got battered against the US dollar.