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Rupee Gains 39 Paise Against Dollar Amid Plunging Crude Prices: 10 Points

Rupee Vs Dollar Today: At the interbank forex market, the rupee opened higher at 70.48 and rose further to quote at 70.30.

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Rupee Gains 39 Paise Against Dollar Amid Plunging Crude Prices: 10 Points

INR Vs USD: On Thursday, rupee had closed at 70.69 after gaining 77 paise against the dollar.

The rupee gained 39 paise to 70.30 paise against the US dollar in early trade on Monday amid plunging crude oil prices, reported news agency Press Trust of India (PTI). Weakness in the American currency and a positive opening of domestic equity markets lifted the rupee, traders were quoted as saying in the PTI report. On Thursday, the rupee had closed at 70.69 after gaining 77 paise against the dollar. On Friday, the forex market was closed on account of Gurunanak Jayanti.
Here are 10 things to know about the rupee-dollar rate on Monday:
  1. At the interbank forex market, the rupee opened higher at 70.48 and rose further to quote at 70.30, showing a rise of 39 paise over its previous close.
  2. This is the eight straight session in which the rupee has gained against the dollar.
  3. The uptrend in the rupee was largely driven by foreign funds inflows to capital markets and softening crude oil prices, forex traders said.
  4. On Thursday, foreign funds poured in Rs 446.24 crore into the capital markets on a net basis, while domestic institutional investors also net bought shares worth Rs 49.68 crore, provisional data from the National Stock Exchange (NSE) showed.
  5. In the last seven trading sessions, the rupee has gained a healthy 220 paise.
  6. Experts attribute the gains in the rupee to easing crude oil prices, increase in foreign currency reserves, and inflow of foreign funds. "The easing of crude oil prices along with the appreciation in the rupee is a positive from the external sector front as well (from) inflation and hence, monetary policy (front)," Care Ratings said in a report.
  7. The foreign exchange reserves rose by $568.9 million during the week ended November 16 to $393.58 billion, according to data from the Reserve Bank of India.
  8. The rupee could outperform its emerging market peers unless crude prices threaten to reverse, said IFA Global. "The OPEC (Organization of the Petroleum Exporting Countries) meet on 6th December will be crucial. It will be interesting to see if Saudi Arabia pushes for a cut given that the US has leverage over it in the Jamal Khashoggi murder case," the IFA Global Research Desk said in a note.
  9. Oil prices clawed back some losses after a nearly 8 per cent plunge in the previous session, but remained under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets, reported news agency Reuters. Front-month Brent crude oil futures rose 91 cents, or 1.6 per cent, to $59.71 per barrel by 0520 GMT or 10:50 am IST, reported news agency Reuters. US West Texas Intermediate (WTI) crude futures, were up 49 cents, or 1 per cent, at $50.91 per barrel.
  10. Meanwhile, in early trade, the S&P BSE Sensex traded at 35,141.17, up 160.15 points or 0.46 per cent while the 50-scrip Nifty was at 10,573.65, with a gain of 46.90 points or 0.45 per cent. (With agencies inputs)


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