Rupee Consolidates by 2 Paise; Global Crude Oil Prices Surge

Story Highlights
  • Rupee climbs against by 2 paise against the Dollar.
  • The Rupee closes at Rs 79.81 on Wednesday.
  • Global crude oil price spike.

Mumbai: The Rupee plunged by 2 paise to close at 79.81 provisionally against the greenback currency, snapping a three session losing streak.

The domestic unit opened at 79.84 per dollar, hovering between 79.68to 79.87, the Rupee closed finally at 79.81 against one Dollar.

The Dollar index, which measures the greenback’s strength against a basket of six currencies, was up 0.03 per cent at 108.65.

Global oil prices rose on Wednesday, with the benchmark Brent crude contract rising to its highest level in three weeks. The contract was 1.2% higher at $101.50 per barrel, after gaining nearly 4% on Tuesday.

The surge was registered after Saudi Arabia suggested that the Organization of the Petroleum Exporting Countries and allies could consider cutting output in response to fears about a global downturn.

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