It bounced back smartly to hit an intra—day high of 68.19 in late afternoon deals before settling at 68.20, a rise of 14 paise, or 0.20 per cent. For the week, the battered rupee gained 26 paise against the greenback. The benchmark six-month premium for May dropped to 128-130 paise from 132-134 paise and the far-forward November 2017 contract also slipped to 272-274 paise from 278-280 paise yesterday. On the global commodity front, crude prices traded little changed after a very sharp upmove overnight ahead of the US rig count amid doubts over Russia—OPEC deal. Crude prices staged a spectacular rally and reclaimed the USD 50 a barrel mark after OPEC members agreed on curbing supply amid softening of prices.

Source: The Hindu December 02, 2016 13:35 UTC