The rupee pared initial losses and settled 16 paise up at 71.04 against the US dollar on Monday amid softening crude oil prices and weakening of the greenback vis-a-vis other currencies overseas.
Forex traders said the Indian rupee gained amid lower crude oil prices and weaker dollar index. Moreover, positive developments on the US-China trade front also supported the local unit.
At the interbank foreign exchange market, the rupee opened at 71.24 against the US dollar. During the day, the domestic unit fluctuated between a high of 71.02 and a low of 71.27 and finally ended the day at 71.04 against the US dollar.
On Friday, the rupee had settled at 71.20.
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