Mumbai, November 12
The rupee today dropped by 39 paise to settle at 72.89 against the US currency as oil prices rebounded after Saudi Arabia announced plans to cut production and the dollar strengthened in global markets.
Cutting short the 10-day selling trend, crude oil prices rose by around 1 per cent to touch $71 per barrel-mark after the world’s largest oil exporter Saudi Arabia announced plans to cut production by 500,000 barrels per day from December and called for a global output cut of one million barrels per day to support oil price.
The dollar also rose to an 18-month high against its global peers. — PTI
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