Rupee logs biggest single day jump in five years

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Rupee logs biggest single day jump in five years
Rupee logs biggest single day jump in five years

New Delhi : Rupee logged biggest single-day jump in last five years after the news of possible relaxations for India in oil norms by the US. The Indian currency surged by 100 paisa to close at Rs 72.45 against US dollar.

At the Interbank Foreign Exchange (Forex) market, the domestic unit Friday opened on a higher note at 73.14, then gained further ground and touched an intra-day high of 72.43, a jump of 102 paise. It, however, closed at 72.45 against the greenback, showing a rise of 100 paise -- the best day for the Indian unit since September 2013.

On Friday, reports claimed that India is among the seven countries which may get an exemption from the sanctions against buying oil from Iran when the waivers will be announced on November 6.

Secretary of State Mike Pompeo said on Friday that the administration was giving six-month waivers to eight countries that he did not name.

Pompeo said these countries have already taken steps to eventually cut their Iranian oil imports to "zero".

Sunday is the deadline for countries to stop buying oil from Iran and the sanctions are to take effect on on November 6 for those not getting the waivers.