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    Rupee weakens as dollar hovers near 20-year highs

    Rupee weakens as dollar hovers near 20-year highs

    Rupee weakens as dollar hovers near 20-year highs
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    By Asmita Pant   IST (Published)

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    The rupee edged lower to 79.61 against the US dollar on Friday as the greenback hovered near a two-decade high and crude oil rose ahead of a key meeting of top producers.

    The rupee edged lower by five paise to 79.61 against the US dollar on Friday as the greenback edged lower but was not far from a two-decade high against a basket of currencies. A rise in global crude oil benchmarks ahead of a key meeting of top producers also put pressure on the rupee.
    The dollar index — which measures the US dollar against the Japanese yen, the British pound, the Euro, the Swiss franc, the Canadian dollar and the Swedish krona — was down 0.2 percent at 109.5 at the last count.
    Crude oil prices moved higher ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) scheduled on September 5.
    Brent crude futures rose 1.7 percent to almost $94 a barrel and West Texas Intermediate (WTI) futures gained 1.8 percent to $88.2 a barrel.
    One can expect the rupee to move within a range of 79.55-79.85 with sideways price action in the near term, according to Abhishek Goenka, Founder and CEO of IFA Global.
    On Thursday, the rupee had settled at 79.56 against the dollar.
    Meanwhile, Indian equity benchmarks BSE Sensex and NSE Nifty50 gave up initial gains amid volatile trade on Friday.
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