The rupee on Monday weakened against the US dollar for the fourth consecutive session, weighed down by higher global oil prices.

At 2 pm, the rupee was trading at 71.43 a dollar, down 0.28% from its previous close of 71.23. The currency opened at 71.30 a dollar, touching a high 71.30 and a low 71.52.

The 10-year gilt yield stood at 7.363%, higher than its Friday’s close of 7.359%. Bond yields and prices move in opposite directions.

So far this year, the rupee has weakened 2.32% while foreign investors have bought $283.36 million and sold $384.1 million in the equity and debt markets, respectively.

Oil prices have risen to their highest levels since November last year, lifted by OPEC-led supply cuts and US sanctions on Iran and Venezuela. International Brent crude futures hit a high of $66.78 per barrel.

Most Asian currencies were trading higher against the dollar. The Indonesian rupiah gained 0.276%, South Korean won 0.268%, China renminbi 0.084%, Philippine peso 0.084%, Taiwan dollar 0.052%, Singapore dollar 0.015% and Hong Kong dollar 0.011%. The Japanese yen lost 0.118%, China offshore 0.077%, Thai baht 0.016% and Malaysian ringgit 0.005%.

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