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Rupee surges 101 paise vs dollar, biggest single-day gain in 4 years

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Rupee surges 101 paise vs dollar, biggest single-day gain in 4 years

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Rupee ended 101 paise higher, marking the biggest single-day gain in four years, from its previous close to end at seven-week high of 80.80 vs dollar on Friday as greenback slipped against a basket of six peers following the US inflation data. Global crude oil benchmarks extended gains on Friday. Earlier in the session, the currency surged 110 paise from its previous close — biggest opening gain in nine years — to 80.71 vs dollar.

Rupee, on Friday, ended 101 paise higher, marking the biggest single-day gain in four years, from its previous close to end at seven-week high of 80.80 vs dollar. Earlier in the session, the currency surged 110 paise from its previous close — biggest opening gain in nine years — to 80.71 vs dollar as greenback slipped against a basket of six peers following the US inflation data. Global crude oil benchmarks, however, extended gains on Friday.

The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — fell as much as 0.2 percent to 108 on Friday.
On Thursday, US reported an increase of 0.3 percent in its core consumer price index for the month of October. The overall CPI advanced 0.4 percent last month, bolstered by a pickup in gasoline prices, and was up 7.7 percent from a year ago.
Crude oil prices rose on Friday, halting a four day falling streak as US data eased recession fears. COVID curbs in China, however, kept demand worries alive. Brent crude futures were up 0.2 percent at $93.9 per barrel at the last count. WTI futures were also trading 0.3 percent higher at $86.7 per barrel.
"The RBI is likely to monitor the volatility and could intervene in the spot market as currency has corrected by almost three percent from an all-time low of 83.25. Today, we expect the USD-INR to trade in the range of 80.30-81.00 levels and advise to wait and watch for markets to settle," said Amit Pabari, Managing Director at CR Forex.
Indian equity benchmarks BSE Sensex and NSE Nifty50 made a gap-up start on the last trading day of the week amid strength across global markets.
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