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India rupee latest: INR continues RECOVERY against US dollar as consumer confidence grows

The Indian tender has continued to appreciate against the US dollar after a turbulent year which has seen the rupee lose 14 percent of its value versus the American greenback.

Crashing through the 71 barrier for the first time since September, the rupee is currently trading at 71.92 against the US dollar as of 15:00 GMT.

The rise of the rupee has seen consumer confidence grow in India, with a monthly study by Thomson Reuters-Ipsos showing an increase of 3.1 points.

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Parijat Chakraborty of Ipsos India said: “Oil imports, uncertainty, trade wars, have bottomed out, for now.

“Also, banks have infused liquidity by increasing lending and bringing down interest rates during the festival season. Inflation has come down.

“All these factors are collectively boosting the consumer confidence.”

Investment climate recorded the highest boost in confidence with an increase of 3.7 points.

Personal finance saw a steady rise of 3.6 points, while economic expectations grew by 2.4 points and employment scenario was up 2.3 points.

The more positive tone for the rupee came despite the price of oil stabilising somewhat today.

US crude was trading up 80 cents earlier this afternoon at $57.27.

Brent crude rose roughly $1 to $67.65 a barrel but was still set for a sixth straight weekly loss.

The fall in price of oil has been partly impacted by forecasts for a slowing economy combined with rising output in US shale.

Costs then tumbled further after US President Donald Trump called for lower prices and a refrain from cutting production.

Saudi Arabia has said it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.

While the Organization of the Petroleum Exporting Countries (OPEC) declared it will slash levels of output next year.

OPEC had expressed belief that demand was lowering enough to warrant cutting production by 1 million barrels per day in 2019.

Mr Trump wrote on Twitter at the time: “Hopefully, Saudi Arabia and OPEC will not be cutting oil production.

“Oil prices should be much lower based on supply!”

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