Rupee Lodges Biggest Gain In 5 Years; Surges 101 Paise
Mumbai: The rupee on Friday registered its best gain against the US dollar in five years. The domestic currency appreciated 101 paise or 1.36% during closing hours at 72.45 a dollar.
Analysts have opined that global crude oil prices and a possible U.S.-China trade deal led to the strengthening of the rupee.
Interestingly, Rupee was the best performing emerging market currency on Friday after Korean Won which surged 1.45%. Traders have said that falling crude prices will further help in strengthening the domectic currency
Moreover, trend from global equities, macroeconomic data as well as the performance of rupee and crude oil prices will set the tone for the stock markets in the Diwali week ahead.