Rupee firms up by 10 paise against US dollar

Mumbai, June 12 (PTI): The Indian rupee on Wednesday appreciated by 10 paise to close at 69.34 to the US dollar, marking the second straight session of gains driven by easing crude prices. At the interbank foreign exchange market, the rupee opened at 69.38 a dollar and advanced to a high of 69.28 during the day. It finally settled at 69.34, up 10 paise against its previous close. The Indian currency has strengthened by 31 paise in the last two sessions. “Indian rupee trading higher amid fall in crude oil price. Market participants awaiting May retail inflation data to gauge the possibility of further interest rate cuts,” said V K Sharma, Head-PCG & Capital Market Strategy, HDFC securities. Retail inflation spiked to 3.05 per cent in May from 2.99 per cent in April, government data showed. Brent crude futures, the global oil benchmark, fell 2.49 per cent to USD 60.74 per barrel.