The currency opened 22 paise higher at 69.48/$.
The Indian rupee gained 31 paise on Monday to trade at day’s high level of 69.39 against the greenback. The currency opened 22 paise higher at 69.48/$.
At 11:15 AM, IST, the domestic unit was trading 26 paise higher at 69.44/$.
The appreciation in the currency could be attributed to a sharp fall in global crude oil prices and a rally in the domestic equity markets.
As per Bloomberg data, the international benchmark for crude oil prices Brent and WTI, slumped 1% each to trade at $61.24/bbl and $53.03/bbl, respectively.
Crude oil price in the global markets declined on demand growth worries, which was influenced by the escalating trade war between the US and China. Demand concerns escalated after the US President Donald Trump stoked global trade tensions by threatening tariffs on Mexico.
Additionally, increasing the oil supply in the US also kept oil prices under pressure. On Friday, data released by Baker Hughes showed US energy firms in the week ended on May 31 increased the number of oil rigs operating by 3 to 800. The total active US rig count, meanwhile, edged up by 1 to 984, according to Baker Hughes.
Meanwhile, equity benchmark indices were trading on a positive note on Monday with the Sensex trading 245 points higher at 39,958 levels. The Nifty climbed 70 points at 11,993 levels.
At 11:15 AM, IST, the domestic unit was trading 26 paise higher at 69.44/$.
The appreciation in the currency could be attributed to a sharp fall in global crude oil prices and a rally in the domestic equity markets.
As per Bloomberg data, the international benchmark for crude oil prices Brent and WTI, slumped 1% each to trade at $61.24/bbl and $53.03/bbl, respectively.
Crude oil price in the global markets declined on demand growth worries, which was influenced by the escalating trade war between the US and China. Demand concerns escalated after the US President Donald Trump stoked global trade tensions by threatening tariffs on Mexico.
Additionally, increasing the oil supply in the US also kept oil prices under pressure. On Friday, data released by Baker Hughes showed US energy firms in the week ended on May 31 increased the number of oil rigs operating by 3 to 800. The total active US rig count, meanwhile, edged up by 1 to 984, according to Baker Hughes.
Meanwhile, equity benchmark indices were trading on a positive note on Monday with the Sensex trading 245 points higher at 39,958 levels. The Nifty climbed 70 points at 11,993 levels.
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