Rupee Closes At 3-Week High Of 73.16 Against Dollar | Read

The rupee strengthened by 41 paise to close at a more than three-week high of 73.16 against the dollar on Wednesday, as global crude oil prices eased and domestic equity markets staged a smart rebound. Forex dealers said softening crude oil prices supported the rupee's upward movement. On Tuesday, Saudi Arabia pledged to meet any supply shortfalls and replace any looming shortages due to Iranian sanctions, which will start on November 4. Following this, Brent crude prices plunged to below $76 level before recovering to $76.03 per barrel.