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Rupee Hits 1-Month High, OMC Stocks Gain As Oil Prices Fall For The Fifth Day In A Row


The Indian Rupee rose as the domestic equity benchmarks surged amid gains in the Asian markets and a fall in crude prices for the fifth consecutive day.

Rupee Hits 1-Month High, OMC Stocks Gain As Oil Prices Fall Further

The local currency rose as much as 0.82 percent or more than 60 paise, its most in over a month, to 72.82 per dollar, its highest level since 1 October, reacting the extended losses in international benchmark Brent crude that fell to $72 per barrel.

As for the stock markets, the S&P BSE Sensex climbed as much as 1.67 percent or 575 points to 35,007, while NSE's Nifty 50 rose 1.75 percent or 181 points to 10,562. Shares of oil marketing companies (OMCs) were among the biggest gainers in morning trade today. Brent crude has fallen 6.5 percent in the last five trade sessions to $72.57 per barrel. Indian Oil was seen trading 4.44 percent higher, Bharat Petroleum gained 5.8 percent and Hindustan Petroleum advanced as much as 4.14 percent.

Asian stocks extended gains and are heading for the biggest weekly gain since July 2016, as per a Bloomberg report. The rally was amid fresh hopes on trade talks between the US and China. Bloomberg News reported that the U.S. President Donald Trump was interested to reach an agreement with his Chinese counterpart, President Xi Jinping, at the Group of 20 nations summit, to be held in Argentina later this month. Hong Kong and Korean stocks were seen leading the climb earlier today, pushing the gains on the MSCI Asia Pacific Index to nearly 4 percent for the week.

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