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    Rupee inches lower to 79.67 against US dollar

    Rupee inches lower to 79.67 against US dollar

    Rupee inches lower to 79.67 against US dollar
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    By Asmita Pant   IST (Updated)


    The rupee declined by three paise to 79.67 against the US dollar on Friday amid firmness in the greenback overseas.

    The rupee declined by three paise to hit 79.67 against the US dollar on Friday, as firmness in the greenback overseas kept the currency under pressure.
    The dollar index — which measures the dollar against a basket of currencies — rose 0.2 percent.
    Crude oil prices remained choppy on Friday amid uncertainty on the demand outlook front after the Organization of the Petroleum Exporting Countries (OPEC) cut its global demand growth forecast by 2,60,000 barrels per day. That was in contrast to the contradictory to the move by the International Energy Agency (IEA) to raise its demand growth forecast for the year.
    The IEA, in its monthly report, lifted its outlook for 2022 demand by 3,80,000 barrels per day (bpd).
    Brent crude futures climbed 0.6 percent to $100.2 a barrel, having fallen almost three percent to $96.6 a barrel the previous day. West Texas Intermediate (WTI) futures, however, declined 0.8 percent to $93.6 a barrel.
    The pullback in the rupee on Thursday was along expected lines, as it was seen holding the 79.45 level, said Anand James, Chief Market Strategist at Geojit Financial Services.
    "This ushers in volatility, with a higher likelihood of revisiting the 80 mark soon. Meanwhile, 79.8 and 79.37 will act as important pivots for the day (Friday)," he said.
    Indian equity benchmarks opened flat amid mixed cues from global markets, as Dalal Street headed into a long weekend on account of Independence Day on Monday.
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