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The rupee rose past 70 per dollar for the first time in three months, closing at 69.85 on a third straight daily gain. It is about 6% stronger than its record low of 74.48 hit on October 11, and crude is down nearly a third from its four-year high of $86 a barrel.
The rupee's rebound is driven mainly by falling oil prices on oversupply concerns, which eases India's fiscal and current account pressures. Continued crude weakness would keep the currency supported.
livemint.comStaff WriterDec 1, 2018Not enough comparable past events yet for a historical read.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
