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Rupee Ends At Nearly 1-Month Low Against Dollar: 10 Things To Know

According to analysts, heavy dollar buying amid fresh concerns over the progress of China-US trade talks led to the depreciation in the rupee.

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Rupee Ends At Nearly 1-Month Low Against Dollar: 10 Things To Know

On Monday, the domestic currency had closed at 71.23 against the greenback.

The rupee on Tuesday fell by 31 paise to end at a nearly one-month low against the dollar. According to analysts, heavy dollar buying amid fresh concerns over the progress of China-US trade talks led to the depreciation in the local currency. The rupee closed at 71.54 against the dollar, down by 0.44 per cent -- the biggest one day loss in this month. This is the lowest closing level since September 17 when the rupee had closed at 71.78 against the dollar. On Monday, the domestic currency had closed at 71.23 against the greenback.
Here are 10 things to know about rupee:
  1. According to analysts, investor's caution returned as reports suggested that China wanted more talks this month before agreeing to a deal with the US for settling trade issues.
  2. Chinese yuan on Tuesday pared gains on fading hopes of a ''phase one'' agreement between the two major economies as pitched by US President Donald Trump.
  3. The dollar, meanwhile, advanced against the major global currencies with the dollar index gaining 0.07 per cent to 98.52.
  4. Crude oil prices retreated for a second day after weak Chinese trade data and fresh concerns over the Sino-US trade talks.
  5. Global benchmark Brent crude dropped more than 0.50 per cent to $58.99 per barrel.
  6. Domestic stocks advanced for the third session in a row on hopes of consumer demand revival in the upcoming festive season.
  7. The Sensex ended 292 points or 0.76 per cent higher at 38,506 and the NSE Nifty 50 index climbed 0.77 per cent or 87 points to 11,428.
  8. Meanwhile, yields on the benchmark 10-year government security spurted to 6.6668 per cent against 6.48 per cent in the previous day as consumer inflation spiked in September.
  9. Consumer inflation rose to a 14-month high of 3.99 per cent in September, inching closer to the RBI's comfort level of 4 per cent.
  10. According to Amit Pabari, Managing Director, CR Forex Advisors, the rupee shall form its new range between 70.80-71.80 levels for the next few trading sessions.




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