Rupee edges lower against US dollar
Oil prices have risen to over 3-month highsMost Asian currencies were higher against US dollar
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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