India, Aug. 20 -- The rupee pared its early gains and settled 1 paisa lower at 95.74 against the US dollar on Thursday, as support from a weaker dollar was offset by elevated crude oil prices.
Forex traders said the weakness in the US dollar provided some relief to the domestic currency, but crude oil prices above USD 90 a barrel continued to weigh on the rupee by raising concerns over India's import bill.
The dollar index fell to its lowest level since late May after the US Treasury announced plans to double its buyback operations for longer-dated Treasury bonds. The move pushed US long-term yields lower and reduced the dollar's yield advantage.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....