Rupee vaults 112 paise on crude slide

Mumbai, December 18

The Indian rupee on Tuesday rallied by a whopping 112 paise, its best single-day gain in over five years, to settle at 70.44 against the US dollar as softening crude oil prices eased concerns over India’s current account deficit expansion.

Besides, sustained selling of the American currency by exporters and banks as well as the greenback’s weakness against its key rivals globally ahead of the US Fed policy decision on Wednesday also helped the domestic unit scale further heights. The Brent crude, an international benchmark, was trading 2.26% lower at $58.26 per barrel, a 14-month low. — PTI