Rupee strengthens to 71 with softer oil, fund flows

Softer crude oil prices, along with foreign fund inflows, helped the rupee post a gain of over 1% against the dollar on Thursday, giving hope for the current account deficit to remain within the tolerance limit and for a further reduction in petrol and diesel prices.The rupee gained for the seventh straight session and appreciated by 1.07%, or 77 paise, against the dollar to close the day at 70.70 — its highest level in 12 weeks. The Indian currency has gained around 3% in the last three trading sessions and has appreciated over 5% now from its record low.

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