Rupee gains most in 5 years, aided by a sharp correction in crude prices

Reflecting the change in the level of fiscal stress, the 10-year bond yields also fell 12 basis points (bps) to close at 7.35 per cent, an eight-month low

The Indian rupee gained the most in five years, aided by a sharp correction in crude prices.

The Indian rupee ended at 70.45 a dollar, gaining 1.57 per cent intra-day, its biggest one-day gain since September 19, 2013. The rupee had closed at 71.55 a dollar on Monday. The present level though, is at a two-week high. 

The gain was caused by a 4 per cent fall in Brent crude prices to $57.20 a barrel. The crude oil prices were at $86 a barrel even in September. The sharp correction in oil prices may have saved about $30 billion in