USD/INR closed at 71.07 against its opening at 71.26. USD/INR closed down Thursday on selling by exporters amid weak dollar.Exporters were selling in the market on weak dollar amid global economic slowdown, crude oil prices are also below $61/barrel.
The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 96.42 during late Asian trade Thursday compared to 96.07 at opening.
An escalation of trade tensions and a worsening of financial conditions are key sources of risk to the outlook, said the IMF.
Crude oil prices lowered on concerned of economic global growth which may impact the demand of the oil. US energy information administration expects output to rise further however will lower the production growth. Brent crude oil futures for March delivery traded 0.23% down at $60.91 a barrel on Thursday.
On the US economic front, API's weekly statistical bulletin reported that API weekly crude oil stock rose by 6.55 million in December to a revised rate of 0.56 million in November.
Sensex provisionally ends 96 points higher with 12 components in the green.