The Indian rupee declined in the afternoon session on Thursday as Brent recovered its low level and climbed 3%. The domestic unit dropped 17 paise to trade at day’s low level of 69.52 against the greenback.
The currency has opened 2 paise higher at 69.33 against the greenback compared to its previous close of 69.35/$.
At 3:25 PM, IST, the currency was trading 15 paise down at 69.50/$.
The depreciation is on the back of increased crude oil prices
in the global markets. Prices of crude oil in global markets rebounded from its five-month low levels in the afternoon session on Thursday amid reports of two tankers damaging a suspected attack in the Gulf of Oman.
As per Bloomberg data, Brent oil was trading 3% higher at $61.88/bbl and WTI climbed 2.70% at 52.52/bbl.
The tanker Kokuka Courageous sailing from Saudi Arabia to Singapore with a cargo of methanol was damaged as a result of the suspected attack, media reports said citing the vessel manager’s statement.
Meanwhile, equity benchmark indices pared its morning losses and were trading on a mixed note. The Sensex was trading 38 points lower at 39,719 levels, while the Nifty rose 4 points at 11,910, well above its key level of 11,900.