The Indian rupee breached its key level of 71/$ and appreciated 12 paise to trade at 70.95 against the dollar. The currency opened 4 paise higher at 71.03/$ compared to its previous close of 71.07/$.
At 10:10AM IST, the domestic unit was trading at 71.07/$. On Thursday, the currency appreciated 26 paise.
The appreciation is on the back of declining crude oil prices and a weak dollar. Crude oil prices dropped on Thursday as data released by the Energy Information Administration (EIA) showed that the US crude oil inventories went up by 8mn barrels in the week to January 18.
Further, the early gains in the domestic equity market also kept the rupee elevated. Equity benchmark indices opened higher on Friday
taking firm cues from Asian peers. Reliance Industries, Yes Bank, TCS, HDFC, and ITC were among the major contributors in today’s session.