The Indian rupee strengthened in the initial part of last week, breaking above the resistance level of 70.85. But the currency failed to sustain higher as the momentum was short-lived. The rupee reversed sharply lower after making a high of 70.40 on Tuesday, giving back all the gains.
The currency declined below 71 again and closed at 71.36 on Monday, down 0.26 per cent for the week.
A strong rise in oil prices caused the sharp downward reversal in the rupee last week.
Brent crude prices surged over 6 per cent in the past week, breaking above the key resistance level of $64. It is currently trading at $66.1 per barrel.
