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Rupee Hits Fresh 3-Month High On Softening Crude Prices: 10 Points

Rupee Vs Dollar Rate: 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.

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Rupee Hits Fresh 3-Month High On Softening Crude Prices: 10 Points

Dollar Vs Rupee: Rupee hits its highest level against the dollar since August 21.

The rupee hit a fresh three-month high on Friday amid easing crude oil prices, sustained fund flows and a higher opening of domestic stock markets. The rupee traded at 69.595 per dollar after the American currency weakened against some currencies overseas, reported news agency Reuters. On Thursday the rupee had closed 77 paise to a three-month high of 69.85 per US dollar. Gains in the local currency came ahead of the release of key macroeconomic data later in the day.
Here are 10 things you should know about the rupee-dollar rate on Friday:
  1. 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.
  2. This was the fourth straight session of gains for the rupee and its highest since August 21.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. Earlier this year, the rupee had dropped to record lows before rebounding after crude oil prices started cooling off. (With agencies inputs)




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