Rupee climbs to one-week high of 68.57 against US dollar; crude prices fall
The Indian currency gained further ground even as the US dollar was strong in global markets amid trade war concerns between the US and China
 "Rupee, Indian currency")
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Rupee, Indian currency
The rupee on Thursday surged by 20 paise to end at a one-week high of 68.57 against the US dollar buoyed by a steep fall in crude prices and a strong rally in equity markets.
Forex market witnessed a revival in sentiment after crude prices plunged the most in two years on supply glut worries after Libya said its four oil export terminals were reopening, ending a standoff that had closed most of its oil output.
The benchmark Brent crashed over 7 per cent yesterday before regaining some lost ground in early Asian trade at $74.80 a barrel.
The Indian currency gained further ground even as the US dollar was strong in global markets amid trade war concerns between the US and China.
It touched a high of 68.50 in early trade.
The home currency also made a strong comeback against the British pound, euro and Japanese Yen.
A strong rally in equities buoyed by optimism about robust corporate earnings season also a progressing monsoon also lent support to the rupee.
The BSE- Sensex closed at a fresh lifetime high of 36,548.41, while Nifty reclaimed the significant 11,000-mark.
Foreign investors remained net sellers in the stock markets as they sold shares worth Rs 7.42 billion on net basis, according to the provisional data.
Forex market witnessed a revival in sentiment after crude prices plunged the most in two years on supply glut worries after Libya said its four oil export terminals were reopening, ending a standoff that had closed most of its oil output.
The benchmark Brent crashed over 7 per cent yesterday before regaining some lost ground in early Asian trade at $74.80 a barrel.
The Indian currency gained further ground even as the US dollar was strong in global markets amid trade war concerns between the US and China.
It touched a high of 68.50 in early trade.
The home currency also made a strong comeback against the British pound, euro and Japanese Yen.
A strong rally in equities buoyed by optimism about robust corporate earnings season also a progressing monsoon also lent support to the rupee.
The BSE- Sensex closed at a fresh lifetime high of 36,548.41, while Nifty reclaimed the significant 11,000-mark.
Foreign investors remained net sellers in the stock markets as they sold shares worth Rs 7.42 billion on net basis, according to the provisional data.