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Indian rupee opened a tad lower against the greenback on Monday, as the dollar rose against most of its peers after last week's slump.
Indian rupee edged lower against the greenback on Monday, as the dollar rose against most of its peers after last week's slump.
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At 09:10 AM, the rupee was trading at 70.54 a dollar, down 5 paise from its Friday’s close of 70.49. The home currency opened at 70.50 and touched a high and a low of 70.47 and 70.55 a dollar, respectively.
The Indian rupee Friday weakened by 8 paise to close at 70.49 against the US dollar on rise in demand for the American currency from exporters coupled with unabated rise in global crude oil prices.
The local currency weakened further today as the dollar gained ground. The American unit lost 1.5 percent versus the offshore yuan last week, its steepest weekly decline since January 2017.
On Monday, the dollar index was at 95.68, marginally higher in early Asian trade.
Brent crude oil prices fell below $60 per barrel on Monday after Chinese data showed weakening imports and exports in the world's biggest trading nation.
International Brent crude oil futures were at $59.78 per barrel at 0312 GMT, down 70 cents, or 1.2 percent from their last close.
Meanwhile, foreign funds sold shares worth Rs 687.20 crore on a net basis Friday, while domestic institutional investors bought equities to the tune of Rs 123.17 crore, provisional data showed.
In debt markets, the yields on the 10-year government bonds lost 4.6 percent to 7.25 percent from its previous close of 7.59 percent. Bond yields and prices move in opposite directions.
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