Rupee Closes At 1-Week High Against Dollar

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.

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