 "Rupee settles below 70 after three months, crude oil slides further")
Extending its gains, the rupee on Friday opened 18 paise higher at 69.67 against the US dollar on the back of free fall in crude oil prices and heavy buying by foreign institutional investors (FIIs).
The domestic unit on Thursday breached the 70-mark for the first time since August 27 to end at a three-month high of 69.85 per US dollar.
It is clear that the rupee’s fortunes are intrinsically linked to oil prices. The recent drop in oil prices – from $83 to below $60 a barrel now – may have saved India at least $30 billion in oil
