The Indian rupee reversed its four-day losing streak by recovering 21 paise to close at 71.03 against the US dollar on increased selling of the greenback by exporters and lower crude oil prices.
Besides, liquidity infusion by central banks through open market operations and unveiling an RBI new policy for overseas borrowings, allowing all eligible entities to raise foreign funding under the automatic route and removing sectoral curbs, supported the rupee.
At the Interbank Foreign Exchange, the rupee opened stronger at 71.15 a dollar against the previous close of 70.24. The local unit moved in a range of 70.92 to 71.40, before finally ending at 71.03, showing a gain of 21 paise.
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