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India rupee and Turkey lira BOOSTED against US dollar as oil prices TUMBLE

The Indian rupee recorded its biggest single-day gain in five years, while the Turkish lira also appreciated against the American greenback. As of just before 15:00 GMT, the Indian rupee had gained 1.57 percent and was trading at 70.4462. It marks a level not seen for the Indian currency since November 30, and the largest gain since September 2013. At the same time of trade, the Turkish lira had appreciated in value and was worth 5.3537.

The improvement for both currencies comes after oil prices slumped for a third consecutive session on oversupply worries.

US crude oil dropped $2.04, or 4.1 percent, to a low of $47.84, its weakest since September 2017.

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It recovered to around $49.28, down 60 cents, by 14:20 GMT.

North Sea Brent lost $2.41, or 4.0 percent, to $57.20, a 14-month low.

Brent last traded around $59.01, also 60 cents lower.

Both oil benchmarks have shed more than 30 percent since early October due to swelling global inventories.

The Organization of the Petroleum Exporting Countries and other oil producers agreed this month to curb production by 1.2 million barrels per day, equivalent to more than 1 percent of global demand, in an attempt to drain tanks and boost prices.

But the cuts will not come into effect until next month and meanwhile production has been at or near record highs in the United States, Russia and Saudi Arabia.

The Indian rupee was also boosted today by expectations of fewer US rate hikes in 2019 as markets counted down to a crucial Federal Reserve meeting.

The Fed will announce its rate decision after its two-day meeting ends on Wednesday.

While the Fed is widely expected to raise rates this month, analysts are calling for two more hikes in 2019 compared with three in September on worries over a potential recession there, according to a Reuters poll.

A senior dealer at a state-run bank said: “There is no demand for dollars because of expectations of lesser number of Fed rate hikes.”

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