The Indian rupee, on Wednesday, opened over 34 paise higher against the US dollar at 70.10 per US dollar. Falling crude oil prices is aiding the rally on Indian currency.
The currency further gained strength as it passed 70 per US dollar mark. It touched an intraday low of 69.89 per US dollar.
The currency on December 18 rallied by a whopping 112 paise, its best single-day gains in over five years, to settle at 70.44 against the US dollar as softening crude oil prices eased concerns over India’s current account deficit expansion.
Besides, sustained selling of the American currency by exporters and banks as well as the greenback’s weakness against its key rivals globally ahead of the US Fed policy decision on December 19 also helped the domestic unit scale further heights.
The Indian currency had gained 34 paise to close at 71.56 against the US dollar on December 17.
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