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Rupee scales back from 2-month peak in early trading

Rupee scales back from 2-month peak in early trading

Rupee scales back from 2-month peak in early trading
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By Aastha Agnihotri  Nov 19, 2018 9:19:14 AM IST (Published)

Indian rupee snapped 4-day gains and opened marginally lower against the US dollar on Monday, as oil prices resumed their rally on expected production cut from the Organization of the Petroleum Exporting Countries (OPEC).

Indian rupee snapped 4-day gains and opened marginally lower against the US dollar on Monday, as oil prices resumed their rally on expected production cut from the Organization of the Petroleum Exporting Countries (OPEC).

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At 09:10 AM, the rupee was trading at 72.01 a dollar, down 8 paise from its Friday’s close of 71.93. The home currency opened at 71.93 and touched a high and a low of 71.93 and 72.02 a dollar, respectively.
The rupee on Friday strengthened by 4 paise to close at a fresh two-month high 71.93 against the US currency despite a rebound in oil prices and a stronger dollar.
The local unit fell as oil prices rose on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards the end of the year. Brent crude oil futures were up 0.8 percent at $67.29 a barrel.
Meanwhile, foreign funds bought shares worth a net of Rs 844 crore Friday, the provisional data showed.
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 percent to the dollar.
In debt markets, the yields on the 10-year government bonds rose 0.05 percent to 7.82 percent after closing at 7.82 percent on Friday. Bond yields and prices move in opposite directions.
 
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