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    Rupee opens lower at 71.33 per US dollar

    Rupee opens lower at 71.33 per US dollar

    Rupee opens lower at 71.33 per US dollar
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    By CNBC-TV18  IST (Updated)

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    US dollar strengthened against major currencies in overnight trade as investor risk appetite dampened due to the coronavirus outbreak.

    Indian rupee opened lower at Rs 71.33 per US dollar on Friday against the previous close of Rs 71.26.
    US dollar strengthened against major currencies in overnight trade as investor risk appetite dampened due to the coronavirus outbreak.
    On Thursday, the rupee depreciated by 7 paise to close at 71.26 against the US dollar as the spread of a deadly new virus from China stoked fears of a global pandemic.
    Oil prices were steady, but on track for a fall of up to 5 percent for the week on growing concern that fuel demand will weaken as the spread of a respiratory virus from China that has killed 25 so far dents travel and darkens the economic outlook.
    Brent crude futures were 4 cents lower to $62 a barrel by 0225 GMT, its lowest since December 4, after falling 1.9 percent in the previous session. For the week, Brent is down 4 percent.
    U.S. West Texas Intermediate futures were down by 1 cent to $55.58 a barrel, its lowest since Nov. 29. The contract fell 2 percent on Thursday and is 5 percent lower for the week.
    In global markets, stocks made a barely positive start in early Asian trade on Friday after the world’s health body called it a little too early to declare a coronavirus outbreak a global emergency.
    But worries over rapid spread of the deadly virus kept investors on guard as millions of Chinese travel during the Lunar New Year holiday period.
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