Crude oil price rise weigh on Indian Rupee

The Indian rupee fell six paise to 74.26 against the US dollar (20.23 versus the UAE dirham) at the opening of the markets on Monday. This came after the rise of oil prices weighed on the South Asian currency.

The rupee opened at 74.24 against the dollar at the interbank market and then dropped to 74.26. It had closed at 74.20 against the US dollar on Friday.

“The crude oil price has increased this week and there occurred a risk for the rupee” Reliance Securities said.

Global oil benchmark Brent crude futures are down 0.22 percent to $76.01 per barrel.

Asian currencies have started flat to marginally weaker against the greenback this morning and could cap appreciation bias, the note added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02 percent up at 91.86.

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