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Rupee falls to 73.90 against US dollar in opening trade

Rupee falls to 73.90 against US dollar in opening trade

Rupee falls to 73.90 against US dollar in opening trade
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By Aastha Agnihotri  Oct 15, 2018 11:36:58 AM IST (Updated)

Indian rupee opened weak by 10 paise against the US dollar on Monday on the back of strength in the greenback.

Indian rupee opened weak by 10 paise against the US dollar on Monday on the back of strength in the greenback.

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At 09:15 AM, the rupee was trading at 73.90 a dollar, down 33 paise, from its Friday's close of 73.57. The home currency opened at 73.80 and touched a high and a low of 73.78 and 73.93 a dollar, respectively.
On Friday, the rupee strengthened by 55 paise to settle at 73.57 against the US dollar, marking its biggest gain in over three weeks as global crude prices eased and domestic indices staged a smart rebound.
Stronger US dollar weighed on rupee. The dollar index, a gauge of its value against six major peers, was up 0.1 percent at 95.31.
Not helping the mood, oil prices jumped on rising diplomatic tensions between Riyadh and the West after the monarchy warned against threats to punish it over disappearance of a journalist.
The rupee is the worst performing emerging market currency having lost almost 15 percent since January this year. Between April and September the rupee has plummeted more than 7 to the dollar.
Rising US interest rates and bond yields have encouraged investors to pull out funds from emerging markets to pocket better returns, analysts said.
Foreign institutional investors (FIIs) sold shares worth a net of Rs 1,322 crore Friday, provisional data showed.
In debt markets, the yields on the 10-year government bonds declined 0.21 percent to 7.97 percent after closing at 7.98 percent on Friday. Bond yields and prices move in opposite directions.
 
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