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Rupee snaps 4 day winning streak as oil climbs

Rupee snaps 4-day winning streak as oil climbs

Rupee snaps 4-day winning streak as oil climbs
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By Aastha Agnihotri  Dec 21, 2018 9:23:18 AM IST (Published)

Indian rupee snapped 4-day rally and opened 24 paise lower on Friday, as oil prices climbed after tumbling 5 percent in the last session.

Indian rupee snapped 4-day rally and opened 24 paise lower on Friday, as oil prices climbed after tumbling 5 percent in the last session.

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At 09:10 AM, the rupee was trading at 69.99 a dollar, down 29 paise from its Thursday’s close of 69.70. The home currency opened at 69.94 and touched a high and a low of 69.88 and 70.06 a dollar, respectively.
The drop comes after the domestic currency strengthened by 69 paise to close at 69.70 against the US dollar Thursday. This was the fourth straight session of gains for the rupee, during which it has rallied by a hefty 220 paise.
Gains in oil prices also tempered rupee outlook, raising worries over inflation and fiscal slippage. Benchmark Brent crude futures were up 1.51 percent at $55.17 per barrel at 0112 GMT, recovering from losses of $2.89 per barrel the session before.
India imports nearly 80 percent of its total oil needs and a rise in price would raise the value of its imports.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 386.44 crore Thursday, provisional data available with BSE showed.
In debt markets, the yields on the 10-year government bonds were unchanged at 7.28 percent. Bond yields and prices move in opposite directions.
 
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