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    Rupee opens higher at 71.26 a dollar on falling crude prices

    Rupee opens higher at 71.26 a dollar on falling crude prices

    Rupee opens higher at 71.26 a dollar on falling crude prices
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    By Aastha Agnihotri   IST (Published)

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    The rupee snapped 4-day losing streak and opened higher against the greenback on Wednesday, helped by lower oil prices and struggling US dollar. 

    The rupee snapped 4-day losing streak and opened higher against the greenback on Wednesday, helped by lower oil prices and struggling US dollar.
    At 09:10 AM, the rupee was trading at 71.30 a dollar, up 4 paise from its Monday’s close of 71.34. The home currency opened at 71.26 and touched a high and a low of 71.26 and 71.32 a dollar, respectively.
    Indian currency and debt markets were shut on Tuesday for a public holiday.
    The domestic currency has fallen for four straight sessions, during which it depreciated by 64 paise.
    Globally, the dollar was capped against its peers on falling US yields and before the Federal Reserve’s policy meeting minutes.
    Fed meeting minutes, due later on Wednesday, will be closely watched following a dovish statement at that review.
    The dollar index versus a basket of six major currencies was a touch lower at 96.451 after shedding about 0.4 percent overnight.
    In commodity markets, oil prices slipped from 2019 highs on Wednesday as soaring U.S. production and expectations of an economic slowdown undermined efforts led by producer club OPEC to cut supply to tighten global markets, reported Reuters.
    International Brent crude futures were down 27 cents, or 0.4 percent, at $66.18 per barrel after hitting a 2019 high of $66.83 per barrel on Monday.
    Meanwhile, foreign portfolio investors (FPIs) remained sellers in Indian capital markets selling shares worth Rs 1,239.79 crore on a net basis Monday. FPI had sold shares worth Rs 966.43 crore on Friday, provisional data showed.
    In debt markets, the yields on the 10-year government bonds up 0.14 percent to 7.37 percent from its previous close of 7.36 percent. Bond yields and prices move in opposite directions.
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