The rupee spurted by 32 paise to close at a nearly two-month high against the US currency on Friday as crude oil-prices receded following reports that Saudi Arabia had agreed on a temporary ceasefire in Yemen. The domestic currency closed higher by 0.44 per cent at 70.56 to the US dollar, a level not seen since August 2 when it had ended at 69.60.

OPEC will extend production cuts into 2020 as the world's leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America's shale fields. Ministers from the group meeting in Vienna agreed to prolong their supply curbs by another nine months, said delegates, asking not to be named because the talks were ongoing.

Oil prices climbed after tumbling 5 percent in the last session, with OPEC production cuts that start next month seen being deeper then previously expected. Benchmark Brent crude futures were up 1.51 percent at $55.17 per barrel at 0112 GMT, recovering from losses of $2.89 per barrel the session before. US WTI crude futures rose 1.53 percent, or 70 cents, to $46.58 per barrel.