Persistent selling of the American currency by exporters and bank supported the rupee
Forex dealers said that besides persistent selling of the American currency by exporters and banks, the dollar's weakness against peers overseas supported the rupee. Most of the Asian currencies were trading higher on Thursday.
The Organisation of Export Producing Countries (OPEC), at its meeting in Algiers, on Wednesday, had agreed to cap oil production for the first time since 2008, amid pressure from declining oil prices. OPEC leader Saudi Arabia also softened its stance against rival Iran which lifted global sentiments.