Indian rupee opened unchanged at 71.31 per Us Dollar on Friday on hopes of a trade agreement between the US and China soon, analysts said.
Indian rupee opened unchanged at 71.31 per Us Dollar on Friday on hopes of a trade agreement between the US and China soon.
The rupee erased its early gains to settle down by 4 paise at a three-week low of 71.31 against the US currency on Thursday, marking its fifth straight day of losses amid heavy selling in domestic equities and steady rise in crude oil prices.
Oil rose to three-month highs, buoyed by a report showing lower U.S. crude inventories, hopes the pending Sino-U.S. trade deal will soon be signed and efforts by the Organization of the Petroleum Exporting Countries (OPEC) to curb crude supply.
Brent crude was up 0.07 cents, or 0.10 percent, at $67.99 a barrel while West Texas Intermediate was up 0.14 cents, or 0.23 percent, at $61.82 a barrel.
Asian shares jumped to an 18-month high on Friday while gold and oil prices stayed buoyant in a holiday-shortened week, as investor optimism was boosted by hopes a U.S.-China trade deal would soon be signed.
Wall Street's three major indices finished at all-time highs on Thursday in light holiday trade as a year-end rally advanced further on optimism over a U.S.-China trade agreement.