0

0

0

0

0

0

0

0

0

This article is more than 2 year old.

Rupee retreats from 4-month high as oil regains ground

Mini

Indian rupee scaled back from 4-month high and opened weaker by 29 paise against the greenback on Monday, hurt by surging oil prices.

Rupee retreats from 4-month high as oil regains ground
Indian rupee scaled back from 4-month high and opened weaker by 29 paise against the greenback on Monday, hurt by surging oil prices.
At 09:10 AM, the rupee was trading at 69.91 a dollar, down 33 paise from its Friday’s close of 69.58. The home currency opened at 69.87 and touched a high and a low of 69.86 and 69.94 a dollar, respectively.
Oil prices surged in early trading on Monday after the United States and China agreed a truce in their trade conflict and ahead of a meeting by producer club OPEC this week that is expected to result in a supply cut, reported Reuters.
International Brent crude oil futures were up $1.55 per barrel, or 2.6 percent, at $61.01 a barrel.
India imports nearly 80 percent of its total oil needs and a rise in price would drive up the value of its imports.
Falling crude oil prices have so far supported the rupee, until recently the worst-performing monetary unit in Asia. Last month, the local unit has gained about 3 percent against the dollar, making the rupee the third best performer after the Chilean peso and the Indonesian rupiah.
Meanwhile, the dollar weakened across the board on Monday as investor demand for riskier assets rose following the US-China truce. The dollar index, a gauge of its value versus six major peers, traded down 0.22 percent at 97.06.
In debt markets, the yields on the 10-year government bonds rose 0.51 percent to 7.65 percent after closing at 7.61 percent on Friday. Bond yields and prices move in opposite directions.
 
Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know. 
next story