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Rupee gains 17 paise at 69.20/$

The Indian rupee extended its gain on Friday and appreciated 17 paise to trade at day’s high level of 69.20 against the dollar.

Notably, the currency opened marginally lower at 69.38/$ compared to its previous close of 69.37/$. The domestic unit closed 19 higher on Thursday at 69.37/$.

At 11:40, AM, IST, the unit was trading 14 paise higher against its previous close at 69.23/$.

The appreciation could be attributed to a steep fall in international crude oil prices. As per Bloomberg data, on Friday, Brent crude oil futures were at $70.49/bbl, down 0.3% from its previous close, while US West Texas Intermediate (WTI) crude futures dropped 0.1% from its previous close at $61.69/bbl.

Oil prices dropped after the Energy Information Administration (EIA) showed unexpected growth in the US crude oil production. As per EIA, US crude oil output reached a record 12.3mn barrels per day (bpd) last week, rising by around 2mn bpd over the past year. Further, US crude exports broke through 3mn bpd for the first time this year, adding worries regarding oversupply.

Meanwhile, equity benchmark indices were trading in the green with the Sensex rising 135 points at 39,116 levels. The Nifty also gained 26 points to trade at 11,750 levels.

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