Indian rupee closes near 3-month high, up 76 paise to 70.69 against US dollar

The Indian rupee extended its winning streak for seventh consecutive session on Thursday amid consistent correction in crude oil prices, to close near three-month high.

Weakness in dollar against some currencies, increased selling of the greenback by exporters & banks, and persistent foreign fund inflows also supported the rupee.

The rupee closed at 70.69 to the dollar, the highest level since August 29, 2018, up 76 paise compared to previous day's closing levels.

It touched an intraday high of 70.68 and low of 71.19 a dollar.

The Indian currency gained 219 paise or 3 percent against the US dollar in seven trading sessions as the US dollar weakened against some currencies overseas.

Brent crude futures, the international benchmark for oil prices, fell over a percent to trade around $62.77 a barrel amid global growth concerns and rising US crude inventories, at the time of writing this article.

Oil prices corrected 27 percent from October 3rd closing of $86.29 a barrel, the highest level since November 2014.