Forex

Rupee rallies to 70.56 nearly 2-month high as crude subsides

PTI | Updated on September 27, 2019 Published on September 27, 2019

The rupee spurted by 32 paise to close at a nearly two-month high against the US currency on Friday as crude oil prices receded following reports that Saudi Arabia had agreed on a temporary ceasefire in Yemen.

The domestic currency closed higher by 0.44 per cent at 70.56 to the US dollar, a level not seen since August 2 when it had ended at 69.60. The rupee had opened weak and declined to the day’s low of 70.93 in early trade due to a stronger dollar and losses in stock markets.

Easing crude oil prices provided a fillip to the local currency that reversed losses in the mid-session and climbed to an intra-day high of 70.53, before finally ending at 70.56. The local unit notched up gains of 38 paise on a weekly basis.

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Published on September 27, 2019
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