Rupee plunges over 30 paise, nears 73-level against dollar
The local currency ended 43 paise down at 72.63 against the greenback on Monday.
By ETMarkets.com | Updated:
Rupee opens weak at 72.91 per dollar
NEW DELHI: The rupee on Tuesday slipped 32 paise to 72.95 against the US dollar in early trade after crude prices soared ahead of the impending US sanctions on Iran.
The local currency ended 43 paise down at 72.63 against the greenback on Monday.
Rupee could test new lows amid overnight gains in crude oil, according to ICICIdirect.com.
Oil benchmark Brent surpassed $80 per barrel, pushing the global benchmark to its highest close in almost four years after Opec and its allies decided to keep their production in check amid looming US sanctions on Iranian exports.
The US dollar continues to consolidate against major currencies as investors remain cautious ahead of the Fed’s September monetary policy meeting. Fed is expected to raise interest rates by 25 bps in this meeting. However, traders would look at cues from Fed’s inflation as well as economic outlook assessment. Any dovish hints could see a sharp decline in dollar and a relief rally in emerging market currencies.
The BSE Sensex opened 45.23 points up at 36,350.25, while the NSE Nifty index opened 2.55 points up 10,969.95.
The local currency ended 43 paise down at 72.63 against the greenback on Monday.
Rupee could test new lows amid overnight gains in crude oil, according to ICICIdirect.com.
Oil benchmark Brent surpassed $80 per barrel, pushing the global benchmark to its highest close in almost four years after Opec and its allies decided to keep their production in check amid looming US sanctions on Iranian exports.
The US dollar continues to consolidate against major currencies as investors remain cautious ahead of the Fed’s September monetary policy meeting. Fed is expected to raise interest rates by 25 bps in this meeting. However, traders would look at cues from Fed’s inflation as well as economic outlook assessment. Any dovish hints could see a sharp decline in dollar and a relief rally in emerging market currencies.
The BSE Sensex opened 45.23 points up at 36,350.25, while the NSE Nifty index opened 2.55 points up 10,969.95.
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Rupee opens weak at 72.91 per dollar
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