Oil keeps rupee under pressure
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.
