The rupee settled 12 paise higher at 70.92 against the US dollar on Tuesday amid softening crude oil prices and weakening of the greenback vis-a-vis major global currencies.
Forex traders said the Indian rupee gained ground on the back of foreign fund inflows, stable crude oil price and a weaker dollar index. However, muted domestic equity markets weighed on the local unit.
At the interbank foreign exchange market, the rupee opened at 70.98 against the US dollar. During the day, the domestic unit fluctuated between a high of 70.85 and a low of 71.04 and finally ended the day at 70.92 against the US dollar.
On Monday, the rupee had settled at 71.04 against the American currency.
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