Mumbai: The US Dollar ended sharply lower against the Rupee at Rs.48.33/34 per dollar and the Pound Sterling also finished lower at Rs.72.09/11 per pound at the Interbank Foreign Exchange (Forex) Market on Thursday.
Oil prices jumped four dollars, or almost 10 per cent, on the same day as Russia said it was ready to join forces with OPEC and cut output.
Traders set aside forecasts of the first drop in oil demand in 25 years in anticipation of joints efforts by the
Organisation of Petroleum Exporting Countries and Russia to slash production in a bid to propel prices, traders said.
Light sweet crude for delivery in January jumped USD 4.16 to USD 47.68 a barrel on the New York Mercantile Exchange (NYMEX).
On London's InterContinental Exchange (ICE), Brent North Sea crude for January rallied USD 4.33 to USD 46.73.
Russia is ready to join forces with OPEC to stem the plunge in crude prices and could even become part of the oil cartel if membership were in Moscow's interests, Russia President Dmitry Medvedev said on Thursday.
(With agency inputs)
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