Rupee opens at fresh 11-week high, gains 35 paise to 71.11 per US dollar

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Published: November 22, 2018 10:09:24 AM

Rupee on Thursday opened at a fresh 11-week high, rising by 35 paise to 71.11 per US dollar in early trade, falling crude oil prices.

Political uncertainty is emerging as the key risk as Prime Minister Narendra Modi is seen facing a tough electoral battle in some major states ahead of the national vote in 2019.

Rupee on Thursday opened at a fresh 11-week high, rising by 35 paise to 71.11 per US dollar in early trade, falling crude oil prices. At the interbank forex market, the domestic currency opened higher at 71.12 and surged further to quote at 71.11, showing a rise of 35 paise over its previous close of 71.46 against the dollar on Tuesday. The rupee strengthened for the seventh day in a row.

The rupee gained 21 paise against the greenback to close at Rs 71.46 versus the US dollar on Tuesday.  In the last six sessions, the rupee has gained 143 paise. The forex market remained closed on Wednesday on account of Eid-e-Milad.

Also read: Share market LIVE updates: Sensex, Nifty open with marginal gains; Yes Bank up 2%; Bharti Airtel slips

Sensex and Nifty, the key indices of the domestic equity markets, opened on a flat-to-positive note on Thursday tracking tepid cues from the global markets. The BSE Sensex opened over 50 points higher, while the NSE Nifty traded above the 10,600-level. Bharti Airtel was the top loser in opening trade. Yes Bank shares rose nearly 2 percent.

Oil markets started Thursday timidly, with rising U.S. crude inventories pressuring prices but an expected supply cut by producer cartel OPEC offering some support. US West Texas Intermediate (WTI) crude futures, were at $53.71 per barrel at 0051 GMT, 8 cents above their last settlement. Front-month Brent crude oil futures had yet to trade, Reuters reported.

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