Rupee broke the level of 70 during intra-day trading on Thursday. Due to the dollar's selling by exporters and softening of crude prices, the rupee gained 74 paise to 69.88 per dollar, which was its highest level of three months. Earlier, the rupee strengthened at the Interbank Foreign Exchange, opened at 70.15 level compared to the dollar and strengthened in a while.
The dollar weakened by US Fed statement
Forex dealers said that the US dollar weakened compared to the other overseas taxation by the US Federal Reserve Chairman Jerome Powell's statement on the benchmark interest rate being at the neutral level.
Crude also got support from softness
Traders said that the rupee is also getting support from rising foreign fund inflow and softening of crude prices. Foreign Portfolio Investors (FPIs) bought shares worth Rs 961.26 crore on Wednesday.
In the global market, international benchmark Brent Crude is trading 0.14 percent down at $ 58.68 a barrel.
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