INR vs USD: Rupee posts massive gains; trades below 70 for first time since Aug 27

The rupee (INR) continued its upward trend in the early morning trade deals on Thursday, reviving to a three-month high against the US dollar.

The domestic currency rose for third-day to move past 70 against the US dollar. (Image: AFP)

INR vs USD: The rupee (INR) continued its upward trend in the early morning trade deals on Thursday, reviving to a three-month high against the US dollar. The domestic currency rose for third-day to move past 70 mark against the US dollar for the first time since August 27. Currently, the Indian currency is trading at 69.95 at the Interbank Foreign Exchange amid sustained selling of the greenback by exporters and bank. Other factors boosting the domestic currency were the decline in international crude oil prices below $60 per barrel and swift performance of domestic stock markets. This sharp fall in crude prices has eased concerns over India’s current as well as fiscal deficit. Forex dealers said the US dollar weakened against other currencies overseas after US Federal Reserve Chairman Jerome Powell comments that the central bank's benchmark interest rate is likely to be near a neutral level, reported news agency PTI. Soon after Powell comment came to light, the US dollar started trading weaker against other overseas currency and helped INR stand stronger. At the Interbank Foreign Exchange, the domestic currency opened on a higher note at 70.15 and then gathered further momentum and touched a high of 70.05, up 57 paisa over its previous close. As per today’s graph, the Indian currency has appreciated by 6 per cent compared to its all-time low of $74.48. On Wednesday, INR tanked by 17 paise to close at 70.62 against the US currency as global crude oil prices slipped down. Speaking to news agency PTI, several Forex traders said that the robust foreign fund inflows and easing crude prices also supported the rupee. On Wednesday, Foreign portfolio investors (FPIs) bought shares worth a net of Rs 961.26 crore. Globally, Brent crude, the international benchmark, was trading 0.41 per cent up at USD 59 per barrel. Meanwhile, the benchmark BSE Sensex gained by 364.32 points, or 1.02 per cent, to quote at 36,081.27 in early morning trade today.