Rupee Opens Strong At Rs 69.93 Per US Dollar, Gains 36 Paise

| December 26 , 2018 , 13:27 IST

The rupee opened at Rs. 69.93 per US Dollar, gaining 36 paise in early trade on Wednesday.

The rupee recovered by 4 paise on Monday to close at Rs. 70.14, due to lower crude oil prices and dollar’s losses in global markets because of political uncertainty in the US.

Brent crude oil futures fell 16 cents or 0.32% at $50.31 a barrel, after falling  6.2% in the previous session to $50.47 a barrel.

This is the weakest decline in the crude oil prices since August 2017.

ALSO READ: Rupee Gains 9 Paise Against US Dollar In Early Trade

On Wednesday, crude oil prices were mixed in thin trading as the US benchmark rebounded, while concern over the global economy’s health continued to overshadow the market in the longer term, Media reported.

According to report, the major stock indexes fell more than 2% Monday, nudging the market closer to its worst year since 2008.

Stocks are also on track for their worst December since 1931, during the depths of the Great Depression.

In India, both Sensex and Nifty also opened lower on Wednesday morning tracking weak global cues.

Sensex tanked 211 points to 35,258.97, while the broader Nifty 50 was trading near 10,600.