USD/INR closed at 69.42 against its opening at 69.07. USD/INR ended over one weeks high Monday on buying by PSU bank on likely behalf of oil importers as Brent crude oil prices is near $71 a barrel, Nationalised banks were buying mostly on behalf of oil importers demand which kept the rupee in presure.
Oil prices though having eased during morning trade was still trading well above the psychological level of $71 a barrel Monday at $71.43/bbl owing to the ongoing supply cut by OPEC and also by US sanctions on Iran and Venezuela. However, the optimism of US and China coming to a trade deal also supported the demand for the oil.
Meanwhile, the dollar index, which tracks the movement of greenback against a basket of six major currencies, traded at 96.86 Monday compared to 96.82 at close of Indian market on Friday.
The greenback remained little change against other major currencies as the US economic data came mixed despite the increased risk appetite among global investor owing to the US-China trade talk.
US Treasury Secretary Steven Mnuchin said he hoped US-China trade talks were approaching a final lap, while strong Chinese export and bank loan data boosted confidence in the global economy.
As optimism grows that the United States and China are nearing a trade deal, Japan kicks off its own negotiations with Washington from Monday (Apr 15), hoping to resolve some of the issues "very quickly".US Trade Representative Robert Lighthizer and Japan's Economy Minister Toshimitsu Motegi are set to embark on two days of talks in Washington.
Sensex provisionally ends 117 points higher with 18 components in the green.