INR vs USD: Indian rupee rises 67 paise against US dollar on falling crude prices

The rupee appreciated 67 paise to 72 against the US dollar at the interbank foreign exchange Wednesday after crude prices fell to a one-year low in the global market.

The rise in the rupee was also supported by dollar-selling by exporters and banks. (Image: PTI)

Rupee vs Dollar: The rupee appreciated 67 paise to 72 against the US dollar at the interbank foreign exchange Wednesday after crude prices fell to a one-year low in the global market, easing concerns over expanding current account deficit and inflation. The rise in the rupee was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas, traders said. Furthermore, a higher opening in the domestic equity market too supported the rupee. Brent crude, the international benchmark, dropped almost 7 per cent to a one-year low of USD 65 a barrel after the US President Donald Trump urged Organization of the Petroleum Exporting Countries (OPEC) and Saudi Arabia to maintain their current policy of gradually increasing output, which helps to cap oil prices. At the interbank forex market, the rupee commenced with strength at 72.18 and appreciated further to quote 67 paise higher at 72 against the US dollar. The rupee had gained 22 paise to close at 72.67 against the US dollar Tuesday. Foreign institutional investors (FIIs) had sold shares worth Rs 494.95 crore Tuesday, as per provisional data. Meanwhile, the benchmark BSE Sensex rose 156.56 points, 0.45 per cent, to 35,301.05 in early trade. The Nifty50 index of the National Stock Exchange (NSE) opened at 10,634.90 as compared to Tuesday's close of 10,582.50. The 30-share Sensex was at 35,318.51, up 174.02 points or 0.50 per cent, in the first few minutes of trade on Wednesday. Even the 50-script Nifty was at 10,636.05, posing a gain of 53.55 points or 0.51 per cent. Key sectors including banks, energy, metals and consumption are trading higher, while IT stocks are under pressure. The Nifty Midcap index is up over 0.60 per cent. It is also to be noted that the Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply.