The Indian rupee gained in the early trade on Friday. It opened higher by 35 paise at 70.55 per dollar on Friday versus previous close 70.90 per dollar.
Rupee weakened sharply against the US dollar ahead of the important OPEC meeting that was scheduled last evening. In the second half of the session rupee rose after oil prices came under pressure following OPEC’s decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. The declines came after crude slumped by almost 3% ending a meeting without announcing a decision to cut crude supply, instead preparing to debate the matter today.
Oil producers have been hit by a 30% plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown. Today, USD-INR pair is expected to quote in the range of 70.30 and 71.20, it added.
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