The rupee rose by 21 paise to end at 71.46 against the dollar on Tuesday.Rising for the seventh straight day, the rupee strengthened by 35 paise to 71.11 against the dollar in on Thursday on the back of falling crude oil prices, reported news agency Press Trust of India.
Weakness in the dollar against some currencies overseas and increased selling of the greenback by exporters and banks also supported the rupee, the agency cited traders as saying.
Fresh foreign fund inflows and a steep fall of nearly 7 per cent in global crude prices to one-year low on Tuesday buoyed rupee sentiments, said traders.
In the last six trading sessions, the domestic unit has gained by 143 paise against the US currency.Here are 5 things to know about rupee's value against dollar:1.
Oil prices slipped on Thursday after US crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops, reported Reuters.
Front-month Brent crude oil futures were at $63.25 per barrel, down 23 cents, or 0.4 per cent.2.
India imports more than 80 per cent of its crude requirements, which is why a fall in oil prices is significant for the rupee.3.
The domestic stock market opened in green on Thursday with the SP BSE Sensex starting at 35,282.33 against its last close of 35,199.80.
The Nifty50 barometer of the National Stock Exchange (NSE) started at 10,612.65 against its previous close of 10,600.05.4.
The rupee rose by 21 paise to end at 71.46 against the dollar on Tuesday, on increased selling of the greenback by exporters amid softening crude oil prices, and persistent foreign fund inflows.5.
On Wednesday, the foreign exchange and debt markets were closed for 'Eid-e-Milad'.(With agency inputs)