Rupee Hits One-Month High Against U.S. Dollar On Falling Crude Oil Prices
The Indian rupee gained as much as 0.93 percent (or 68 paise) to 72.77 against the dollar after crude oil fell for a fifth straight session to its lowest level in seven months. The local unit is on course for the best week since June 1.
Brent crude dropped 3.48 percent to trade at a seven-month low of $72.65 per barrel on higher supply from world's major producers.
The rise was also supported by dollar-selling by exporters and banks and the greenback's weakness against some currencies overseas, news agency PTI reported citing traders.
Meanwhile, fresh fund inflows stemming from foreign institutional investors helped in improving sentiment. FIIs, which had been selling on Indian bourses, made fresh purchases worth Rs 348.75 crore on Thursday, as per provisional data on NSE.