Published On: Sun, Nov 4th, 2018

Rupee Recovers 2% Against Dollar In 2 Days: 10 Things To Know

Rupee Recovers 2% Against Dollar In 2 Days: 10 Things To Know

The rupee registered its strongest single-day gain in five years on Friday, amid a plunge in crude oil prices and a spike in equity markets. The rupee strengthened by 101 paise against the greenback to settle at 72.44 for the day, marking its strongest single-day gain since September 2013. Selling of dollars by exports along with weakness in the American currency against a group of major peers supported the rupee in the forex market. Sharp advances in the domestic markets – with the benchmark indices climbing to their highest levels in more than two weeks – also boosted the rupee. Despite rising 2 per cent in two consecutive sessions, the rupee is down more than 13 per cent against the dollar so far this year.

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