Sensex cheers as Rupee returns back to levels of 69 against US greenback

Last Updated: Thu, Nov 29, 2018 19:09 hrs
INR USD Exchange

In what appears as a major new year Gift to the country, the Rupee has returned back to levels of Rs 69.

On Thursday, the Rupee made a 74 paise leap, quoting 69.88 per dollar. The Rupee opened at 70.15, gained further momentum and peaked to an intraday high of 69.88.

The last time the Rupee quoted levels of 69 against the US greenback were on August 27, nearly three months ago.

Traders explained that the Rupee made swift gains after sustained selling from exporters and an ease in crude oil prices.

What helped the domestic currency were the views from US Federal Reserve Chairman Jerome Powell that interest rates could be maintained at a neutral level.

According to Reuters, the greenback's relative strength dipped by 0.35 percent to 113.26 yen. This was a drop from the nearly two-week high of over 114.00.

Brent crude was trading at 0.14% lower at $58.68 per barrel, while Oil on New York was trading well below a 12 month low of $49 per barrel (according to Bloomberg).

Traders also cheered the strong foreign fund inflows. On Thursday, the benchmark BSE Sensex posted a 1.27% gain or 453.46 point gain to usher back to levels of 36,000. The thirty scrip sensitive Sensex settled at 36170.41.

With Agency inputs