The Indian rupee opened higher by 16 paise on Thursday at 70.69/$ against Wednesday's close of 70.85/$.
The rupee gained 7 paise on Wednesday to close at a fresh one-month high of 70.85/$ as a result of strong domestic equities and softening crude oil prices.
Meanwhile, oil prices steadied on Thursday with OPEC forecasting a supply deficit in 2020 as well as data showing a surprise rise in US crude inventories.
Meanwhile, the Sensex and Nifty are trading higher on Thursday, following global cues.
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