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Rupee Slips By 54 Paise To 73.04 Against Dollar: 10 Things To Know

INR vs USD: At the Interbank Foreign Exchange, the Indian rupee opened lower at 72.74 and declined further to quote at 73.04 against the dollar.

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Rupee Slips By 54 Paise To 73.04 Against Dollar: 10 Things To Know

INR Vs USD: On Friday, the rupee had risen by 50 paise to end at 72.50 per dollar.

The rupee slipped by 54 paise to hit an intraday low of 73.04 against the dollar on Monday, reported news agency Press Trust of India (PTI). Increased demand for the American currency from importers, high global crude oil prices amid dollar's strength against some currencies overseas weighed on the domestic currency, traders said. International benchmark Brent crude was trading 2.04 per cent higher at $71.61 per barrel. The rupee is still down 13.5 per cent against the greenback so far this year.
Here are 10 things to know:
  1. Crude oil prices jumped more than 1.5 per cent on Monday after top exporter Saudi Arabia announced a supply cut in December and other producers also considered reductions heading into 2019.
  2. The dollar is trading at a 16-month high, amid mounting doubts over whether UK Prime Minister Theresa May can come up with a Brexit deal that would win the backing of the European Union and her own party, reported news agency Reuters.
  3. "The dollar has started this week on a positive note. Hawkish FOMC (Federal Open Market Committee) tone and excess supply of US treasuries are likely to keep US yields elevated and this could broadly support the dollar," according to forex advisory firm IFA Global.
  4. Analysts said the decline in equity benchmarks also impacted the rupee on Monday.
  5. At 2:00 pm, the Bombay Stock Exchange (BSE) benchmark index Sensex was trading 197.47 points lower at 34,961.08. The Nifty50 index of the National Stock Exchange (NSE) was trading at 10,524.65, down 60.55 points.
  6. Meanwhile, the government will release the inflation data in later part of the day. A Retuers poll found retail inflation likely slowed to its slowest pace in 12 months in October after food and fuel costs fell, keeping the official consumer prices gauge below the central bank's medium-term target for a third consecutive month.
  7. Wholesale price inflation probably eased to 5 per cent from 5.13 per cent in September. Industrial output likely expanded at an annual 4.3 per cent pace in September, according to the median forecast of 24 economists as reported by Reuters.
  8. The latest inflation data will be the first since a set of accusations have surfaced from top Reserve Bank of India (RBI) policymakers that the government is attempting to influence central bank policy. 
  9. On Friday, the rupee had risen by 50 paise to end at 72.50 per dollar amid softening crude oil prices, which slipped below the $70 per barrel mark for the first time since April.
  10. On a net basis, foreign funds bought shares worth Rs 614.14 crore, while domestic investors sold shared to the tune of Rs 337.28 crore on Friday, provisional data showed. (With inputs from agencies)


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Highlights

1
Analysts said the decline in equity benchmarks impacted the rupee
2
Crude oil prices jumped more than 1.5 per cent on Monday
3
Rupee is still down 13.5% against the greenback so far this year

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