New Delhi, Nov 29 (KNN) Indian rupee opened stronger by 50 paise today after Federal Reserve Chairman Jerome Powell said US interest rates were just below neutral.

This is for the first time rupee breached the 70-mark since August this year.

Fed Chair Jerome Powell said the Fed's policy rate is now "just below" a level that neither brakes nor boosts a healthy economy.

This has promoted speculation that the cycle of US interest rate hikes may be diminishing gradually.

It has been reported that the gain in the domestic currency is seen due to recent ease in crude oil prices and some positive developments in the US-China trade ties in the upcoming G20 summit. 

The rupee rose to a three-month high against the dollar today.