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The rupee surged by 74 paise to touch 69.88 a dollar on Thursday, reported news agency Press Trust of India (PTI). At this level, the rupee hit a three-month high against the dollar. At the Interbank Foreign Exchange, the rupee opened on a higher note at 70.15 and then gathered further momentum and touched an intra-day high of 69.88, a level last seen on August 27. Gains in the rupee came amid sustained selling of the American currency by exporters and easing crude oil prices.
Here are 5 things to know about rupee’s rate against dollar on Thursday:
The US dollar weakened against other currencies overseas, after US Federal Reserve Chairman Jerome Powell comments that the central bank’s benchmark interest rate is likely to be near a neutral level, forex traders were quoted as saying in the PTI report.
The dollar dipped 0.35 percent to 113.26 yen after being knocked down from a two-week high above 114.00 scaled overnight, reported news agency Reuters.
Strong foreign fund inflows and easing crude prices also supported the rupee, traders said.
On Wednesday, foreign portfolio investors (FPIs) bought shares worth a net of Rs. 961.26 crore, showed provisional data from bourses.
Globally, Brent crude, the international benchmark, was trading 0.14 per cent down at $ 58.68 per barrel.
Source – NDTV
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