Rupee Registers Biggest Single Day Gain In 5 Years, Surges 112 Paise
Mumbai: The Indian rupee on Tuesday surged by a whopping 112 paise, registering the best single-day gains in over five years, at 70.44 against the U.S. dollar amid softening crude oil prices and decreasing concerns over India’s current account deficit expansion.
The domestic unit witnessed a major boost due to sustained selling of the American currency by exporters and banks as well as the greenback’s weakness against its key rivals globally ahead of the U.S. Fed policy decision on December.
At the Interbank Foreign Exchange (Forex) market, the rupee opened on a firm note at 71.34 and hit a high of 70.44- a substantial gain in the last five years since September 19, 2013, when it had surged by 161 paise against the U.S. dollar.
The benchmark Sensex on Tuesday gained early losses to end 77 points higher at 36,347, registering sixth consecutive gain session. Similarly, the NSE Nifty also soared by 20 points to end above the 10,900 marks.
The Brent crude, an international benchmark, was trading 2.26% lower at $58.26 per barrel, a 14-month low.