In the last seven trading sessions including today, the Indian unit has appreciated nearly Rs 2 against the dollar. The rupee opened higher at 71.12 on Thursday compared to its previous closing of 71.46 on Tuesday. The rupee had gained 21 paise to end at 71.46 against the US dollar Tuesday.
Traders said dollar's weakness against some currencies overseas and increased selling of the greenback by exporters and banks also supported the rupee. India, Being a net importer of oil, the recent fall in crude oil is positive for the country as it will lower current account deficit, analysts said. Worth mentioning here that Brent crude price has fallen nearly 30 per cent from its highs made in the month of October. The recent fall in the prices of crude oil has worked in favour of the rupee and has boosted sentiment for the currency, said traders. This level in rupee was last seen in the month of August. As of 4.32 pm, the rupee was trading at 70.94.
The rupee jumped as much as 0.55 per cent to an intraday high of 70.92 against the US dollar.
New Delhi: The Indian rupee strengthened above the 71 per dollar mark on Thursday for the first time after a gap of two-and-a-half month as the crude oil price continued to fall.
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