October 12, 2018 / 4:47 AM / 10 months ago

Rupee strengthens tracking overnight fall in global crude prices

A customer hands a 50-Indian rupee note to an attendant at a fuel station in Ahmedabad, October 5, 2018. REUTERS/Amit Dave/Files

MUMBAI (Reuters) - The rupee opened stronger on Friday helped by a drop in global crude oil prices overnight and a recovery in the domestic share market.

The partially convertible rupee was trading at 73.77/78 per dollar versus its previous close of 74.14.

Oil prices rose on Friday slightly reversing two days of declines driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a weekly fall.

Reporting by Swati Bhat; Editing by Gopakumar Warrier

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