The rupee edged higher to 79.53 against the US dollar on Friday as an easing dollar yielded support to the domestic currency. Gains in oil prices, however, restricted any further upturn.
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The rupee touched a three-week high as a weak US GDP impacted greenback. Experts believe India's current account deficit will be key monitorable going forward.
Rupee is set for biggest single-day gain since March 2021.
The rupee settled at 79.76 against the US dollar in the previous session.
Global oil prices surged on Friday amid supply concerns and weaker demand worries. The focus is on OPEC meeting scheduled next week. Brent futures jumped 2.3 percent to $104.2 a barrel. West Texas Intermediate (WTI) futures followed suit and climbed 1.4 percent to $97.8 a barrel.
The dollar index — which gauges strength in the greenback against six peers — fell 0.2 percent to 106.
Domestic equity benchmarks BSE Sensex and NSE Nifty50 made a gap-up start on Friday amid gains in global markets.