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    Rupee edges higher to 79.83 against dollar

    Rupee edges higher to 79.83 against dollar

    Rupee edges higher to 79.83 against dollar
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    By Asmita Pant   IST (Published)

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    The rupee rose four paise to touch 79.83 against the US dollar on Tuesday amid surge in global crude oil prices. However, fall in dollar restricted the losses.

    The rupee rose four paise to touch 79.83 against the US dollar on Tuesday amid surge in global crude oil prices. However, fall in dollar restricted the losses.
    The rupee settled at 79.87 against the dollar on Monday.
    Abhishek Goenka, Founder and CEO, IFA Global, said, "Looking at the price action it seemed the Central bank was supplying Dollars around 79.90. However, every dip in USD/INR on account of likely intervention is being bought into."
    According to Goenka, rupee might trade a 79.70-80.00 range with weakening bias.
    The dollar index — which measures the US dollar against a basket of currencies — remained fell 0.2 percent.
    Crude oil prices climbed on Tuesday after Saudi Arabia said that Organization of the Petroleum Exporting Countries (OPEC) could reduce production with an intent to correct the recent oil price fall driven by poor futures market liquidity and macro-economic fears.
    Brent crude futures slumped 2.3 percent to $91.5 a barrel and West Texas Intermediate (WTI) futures were 0.9 percent down at $87.3 a barrel.
    Indian equity benchmarks — BSE Sensex and NSE Nifty50 — opened in red on Tuesday amid weakness across global markets ahead of a key gathering of central bankers at the Jackson Hole symposium this week.
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