For the first time in the past three months, the Rupee gained past 70 against the US dollar mark on Thursday morning and touched 69.88. This can be credited to easing of crude oil prices and an inflow of foreign currency due to the selling of greenback by the exporters.
The rupee touched the level 70.15 at the Interbank Foreign Exchange. The 69.88 mark was last seen on August 27.
According to the Forex dealers, the US dollar weakened against other currencies after Jerone Powell, US Federal Reserve chairman said, “the central bank’s benchmark interest rate is likely to be near a neutral level”.
Recent media reports suggest that the appreciation may be due to the upcoming G20 summit scheduled for this weekend. Other factors that can further strengthen the Indian currency are domestic GDP, US GDP and FOMC minutes scheduled on November 30.
Traders said robust foreign fund inflows and easing crude prices also supported the rupee.
The international benchmark Brent crude, was globally trading 0.14 percent down at $58.68 per barrel.
BSE Sensex was trading with a gain of 369.09 points, or 1.03 per cent, at 36,086.04.