Rupee Rises 12 Paise To 71.31 Against Us Dollar Amid Easing Crude Prices

The Indian rupee on Tuesday appreciated by 12 paise to end at 71.31 against the US dollar as crude prices eased following concerns that oil demand will be hit amid rapid spread of coronavirus from China to other countries.

Forex traders said rupee is trading in a narrow range amid intensifying coronavirus scare. Moreover, heavy selling in domestic equities and strengthening of the American currency weighed on the domestic unit.

However, easing crude oil prices supported the rupee.

Benchmark Brent crude oil prices moderated to $58.67 per barrel, down 1.10 per cent. The fall in crude prices was attributed to expected demand slump over rising coronavirus cases in China.