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Rupee Closes Higher For Seventh Day, Rises Above 71 Mark Against Dollar: 10 Points
22 Nov 2018, 06:15 PM IST 
At Thursday's closing level, the rupee is down 10.7% against the dollar so far this year
- The rupee has risen by a total of 220 paise against the greenback in seven consecutive sessions.
- On Thursday, the rupee opened higher at 71.12 against the dollar, and rose as much as 78 paise to hit 70.68 at the day's strongest point, before settling at 70.69 at the end of the session.
- Falling crude oil prices coupled with weakness in the dollar overseas pushed the rupee higher, according to analysts.
- "The easing of the crude oil prices along with the appreciation in the rupee is a positive from the external sector front...besides inflation and hence monetary policy," said credit ratings agency CARE Ratings in a note.
- Brent - the global benchmark for crude oil - slipped below the $63-a-barrel mark, after US crude inventories swelled to their highest level since December stoking concerns about a global glut. However, talk of an output reduction by the OPEC or Organization of the Petroleum Exporting Countries limited losses.
- The oil market has been weighed down by weak Asian markets as investors fret about slowing global growth in the face of rising US interest rates and trade tensions.
- The dollar fell for a second straight day as investor worries mounted about slowing global growth.
- Markets expect the Federal Reserve - the US central bank - to lift rates again in December, but concerns about a potential global slowdown raised doubts about the number of rate increases next year.
- "Going forward, the movement in the Indian rupee needs to be monitored closely in conjunction with the movement in crude oil prices," CARE said.
- The forex markets remained shut on Wednesday on account of Eid-e-Milad. They will remain closed on Friday on account of Guru Nanak Jayanti.
(With agency inputs)