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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

Press Trust of India New Delhi
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.