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Rupee Hits Fresh 3-Month High On Softening Crude Prices: 10 Points
30 Nov 2018, 01:56 PM IST 
Dollar Vs Rupee: Rupee hits its highest level against the dollar since August 21.
- At the interbank forex market, the rupee opened higher at 69.68 before gaining up to 0.35 per cent to 69.595 per dollar.
- This was the fourth straight session of gains for the rupee and its highest since August 21.
- The dollar lost 0.07 percent against the yen to 113.39, while the euro weakened to $1.1388. The dollar index, which tracks the greenback against a basket of major rivals, was barely lower at 96.766, stated Reuters.
- Easing crude oil prices, which slipped below the $60 per dollar mark as investors fretted over a supply glut, lifted the rupee, reported news agency Press Trust of India.
- International Brent crude oil futures were at $59.65 per barrel at 0533 GMT or 11:03 am IST, up 14 cents, or 0.2 per cent, from their last close while US West Texas Intermediate (WTI) crude futures were up just 3 cents at $51.48 per barrel, reported Reuters. Since the country imports more than 80 per cent of its crude oil requirements, a fall in crude oil prices is positive for the rupee.
- The rupee sentiment got a further boost after foreign portfolio investors and domestic institutional investors bought net shares worth Rs. 823.47 crore and Rs. 973.31 crore respectively on Thursday, showed provisional data from stock exchanges.
- The rupee extended its gains following a positive trend in the stock markets. While the S&P BSE Sensex traded at 36,330.13, up 159.72 points, the Nifty50 barometer of the National Stock Exchange hit the crucial 10,900-mark in early trade.
- Investors awaited the gross domestic product data (GDP) for the quarter that ended September 2018. A Reuters poll expects that GDP for April-September will slow to 7.4 per cent against 8.2 per cent achieved in June quarter.
- The rupee is poised to end November with gains of more than 5 per cent, its best monthly advance since at least 2015, a report by news agency Bloomberg said on Thursday.
- Earlier this year, the rupee had dropped to record lows before rebounding after crude oil prices started cooling off. (With agencies inputs)