The domestic unit depreciated 41 paise to 70.09 against the dollar in intraday trade.
The Indian Rupee reclaimed its key level of 70 against the dollar on Tuesday. The currency depreciated 15 paise to open at 69.83/$ compared to its previous close of 69.68.
The domestic unit depreciated 41 paise to 70.09 against the dollar in intraday trade on Tuesday. At 9:40 AM IST, the currency was trading at 70.06/$.
The fall could be attributed to increasing crude oil prices in the global market.
Crude oil extended its six-day winning strike, with the international benchmark for oil prices, Brent gaining 0.2% at $57.47/barrels and West Texas Intermediate (WTI) crude rose 0.3% to $48.67/barrels.
The gain in oil prices was on the back of optimism regarding a halt in the trade war between the United States and China. Further, falling crude oil supply from OPEC also kept oil prices elevated. As per media reports, OPEC oil supply fell in December by 460,000 barrels per day (bpd) to 32.68mn bpd.
The domestic unit depreciated 41 paise to 70.09 against the dollar in intraday trade on Tuesday. At 9:40 AM IST, the currency was trading at 70.06/$.
The fall could be attributed to increasing crude oil prices in the global market.
Crude oil extended its six-day winning strike, with the international benchmark for oil prices, Brent gaining 0.2% at $57.47/barrels and West Texas Intermediate (WTI) crude rose 0.3% to $48.67/barrels.
The gain in oil prices was on the back of optimism regarding a halt in the trade war between the United States and China. Further, falling crude oil supply from OPEC also kept oil prices elevated. As per media reports, OPEC oil supply fell in December by 460,000 barrels per day (bpd) to 32.68mn bpd.
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