The rupee edged lower against the US dollar on Thursday, a day after official data showed consumer inflation hit a seven-month high. After opening marginally higher against the greenback at 69.37, the rupee declined by as much as 10 paise to hit 69.45 in afternoon deals. Crude oil prices lowering to trade near five-month lows near $60 per barrel supported the rupee, say analysts. The rupee had closed at 69.35 against the dollar on Wednesday.
Crude oil prices hovered near five-month lows on Thursday, pressured by another unexpected rise in US crude stockpiles as well as the bleaker outlook for demand posed by prospects of a protracted trade war between China and the United States.
The dollar index - which measures the greenback against six major peers - dipped as much as 0.13 per cent in intraday trade on Thursday, having risen more than 0.3 per cent overnight. It was last seen trading 0.10 per cent lower during the session.
Weakness in the domestic equity markets, with the Sensex falling over 200 points, or 0.54 per cent, in the first hour of trade also put pressure on the rupee in the forex market.
Till Wednesday's closing price, the rupee had advanced 0.6 per cent against the dollar so far this calendar year.
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