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Rupee extends losses, opens lower at 71.51 a dollar

Rupee extends losses, opens lower at 71.51 a dollar

Rupee extends losses, opens lower at 71.51 a dollar
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By Aastha Agnihotri  Aug 20, 2019 9:13:54 AM IST (Updated)

The rupee opened lower against the US dollar on Tuesday, a day after it closed at over 6-month low, as growing worries over an economic slump and a stronger American unit weighed on risk appetite.

The rupee opened lower against the US dollar on Tuesday, a day after it closed at over 6-month low, as growing worries over an economic slump and a stronger American unit weighed on risk appetite.

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Forex traders said investors are awaiting government intervention to revive the slowing economy. There are expectations that the government would come out with sector-specific stimulus sometime soon.
At 09:10 AM, the rupee was trading at 71.60 a dollar down 17 paise from its Monday’s close of 71.43. The home currency opened at 71.51 and touched a high and a low of 71.51 and 71.61 a dollar, respectively.
In the currency market, the US dollar held near a three-week high on Tuesday, as expectations of fresh global stimulus, and an improvement in appetite for riskier assets lifted yields on US government bonds.
The global dollar index, which measures the greenback against six major currencies, was down slightly to 98.3190 but close to a two-week high of 98.339 reached on Friday.
In the commodity markets, oil prices eased in a sign of receding concern about tension in the Middle East, but some traders warn this lull could be temporary.
Brent crude had slipped 3 cents, or 0.05 percent, to $59.71 a barrel by 0147 GMT, after rising 1.88 percent on Monday.
In a worrisome trend, foreign fund outflows have further dented market sentiment. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 305.74 crore on Monday, according to provisional exchange data.
In debt markets, the yields on the 10-year government bonds were up 0.21 percent to 6.60 percent from its previous close of 6.59 percent. Bond yields and prices move in opposite directions.
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