On Monday, the domestic currency pared early gains but managed to end four paise higher at 69.68 following dovish stance by the Federal Reserve and rising hopes of a thaw in ongoing US-China trade tif
Oil has proved to be the biggest bugbear for Indian assets given the repercussions it carries for the nation's finances and inflation
The Tuesday's 112 paise ascent marked the best day for the rupee since September 19, 2013, when it had surged by 161 paise against the US dollar
The dollar weakened against some currencies overseas after US Federal Reserve Chairman Jerome Powell said that the central bank's benchmark interest rate is likely near a 'neutral level'
The rupee had rallied 77 paise to end at 70.69 against the US dollar on Thursday
The rupee has strengthened of late and gained more than 3% over the past seven sessions
The last time rupee breached the 72-level was on September 14, when it had closed at 71.84
The domestic currency has already crossed the 74 mark owing to continued strengthening of the dollar, lack of foreign flows and higher crude oil prices
Brent crude, the international benchmark, dropped 3.48 per cent to trade at a seven-month low of $72.65 per barrel
A stable crude oil prices, however, restricted the rupee fall to some extent, forex traders said
These Rs 280 billion worth of solar power capacities include 5,500 MW of projects bid out in the past nine months at very low tariffs of Rs 2.75 per unit or less
The rupee opened higher at 73.33 amid sharp gains in local stock markets
Forex dealers said softening crude oil prices supported the rupee's upward movement
Fresh dollar selling by exporters amid easing crude oil prices and higher opening in the domestic equity markets aided rupee
Dealers said the Reserve Bank of India's steps to ease liquidity concerns of NBFCs also helped the domestic currency
A spurt in dollar demand from importers amid sustained foreign fund outflows also weighed on the rupee
Forex dealers said weakness in the dollar against some currencies overseas and a higher opening of domestic equity markets gave some support to the rupee
foreign fund inflows and greenback weakening against other currencies were the other factors that provided support to rupee
At the Interbank Foreign Exchange, the domestic currency opened higher at 73.79 but lost ground and fell to 73.92
PM Modi also said even after a decade, oil and gas would be driving forces of the energy market