Rupee darts up 16 paise to 71.04 against $

Mumbai: The rupee pared initial losses and settled 16 paise up at 71.04 against the $ on Monday amid softening crude oil prices and weakening of the greenback vis-a-vis other currencies overseas.

Fresh foreign fund inflows and positive developments on the US-China trade front also propped up the local unit, forex traders said.

At the interbank foreign exchange market, the rupee opened at 71.24 against the $. During the day, the domestic unit fluctuated between a high of 71.02 and a low of 71.27 and finally ended the day at 71.04 against the $.

On Friday, the rupee had settled at 71.20. "The strength in Asian peers also supported rupee gains. Asian currencies rose as concern about trade tensions eased," said V K Sharma, Head - PCG, HDFC Securities.

The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.13 per cent to 97.57.