After a historic decline in the oil prices over the last several weeks, now the Indian Rupee, rising for the fourth straight day, has climbed 21 paise to a three month high of 69.64 against the US dollar on Friday. This is another leap by the Indian Rupee after it ended at 71.46 against the US Dollar on Nov 20.
The country had been facing tough times over the last few months due to mounting oil prices and the declining value of Rupee against the Dollar. The rupee had hit an all-time low in the month of October stopping at 73.34 per dollar.
However, the oil prices began to decline towards the end of October providing major relief to the people. And finally on Nov 23, the oil prices fell to a record low in one year as Brent crude oil fell $2.31 a barrel, or 3.7 percent, to $60.29, its lowest since early November 2017. This is the biggest decline in oil prices in one month since 2014.
If we look at the decline in the petrol prices in some major cities in India, as on Nov 23, in Mumbai the rates have come down 12.3% to Rs. 80.12/litre, in New Delhi the prices declined by 11.27% to 74.58/litre, in Bengaluru the prices fell by 11% stopping at Rs. 75.17/litre and similarly Kolkata witnessed a fall of about 10.3% in the prices to Rs. 76.94/litre.
Similarly, the diesel prices came down to 72.65/litre in Mumbai, 69.38/litre in New Delhi, 69.74/litre in Bengaluru and 71.55/litre in Kolkata.
According to Forex traders, the increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency. The Rupee opened higher at 69.68 at the interbank forex market and rose further to quote at 69.64, showing a rise of 21 paise over its previous close.
On Thursday also, the Rupee had made a 77 paise leap to a three-month high of 69.85 per US dollar.