2019.02.2806:39:00UTC+00Indian Rupee Climbs To More Than 2-week High Versus U.S. Dollar

The Indian rupee strengthened against the U.S. dollar in evening deals on Thursday, as the latter fell across the board, while falling oil prices also supported.

The rupee hit more than a 2-week high of 70.65 versus the greenback from yesterday's closing value of 71.22. If the rupee rises further, 68.0 is likely seen as its next resistance level.

Oil prices fell after weak Chinese data reinforced fears that the world's second-largest economy is losing momentum.

China's manufacturing sector contracted for a third consecutive month in February, with a manufacturing PMI score of 49.2.

Hopes for progress in U.S-China trade talks faded and a historic summit ended without agreement on the denuclearization of the Korean Peninsula, raising fresh concerns over fuel demand.