Rupee Snaps 2-Day Gains On Reversal In Crude Oil Prices

Rupee Snaps 2-Day Gains On Reversal In Crude Oil Prices

13 Jun 2019 05:27 PM
 
The Indian rupee fell for the first time in three sessions due to a bounce-back in crude oil prices that prompted demand for the greenback from oil importers. The rupee ended at 69.51 to the dollar, against 69.34 at the previous close. The currency opened at 69.35 and briefly rose to the day’s high of 69.31 before easing to the day’s low of 69.57. Spike in oil prices led to the break of a strong technical resistance at around 69.40 on the pair today as state-run lenders were buying dollars. Weak appetite in the broad market too weighed on local currency.

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