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Rupee starts week on a cautious note, Crude oil jumps

Published on Nov 20, 2023 11:33

The Indian rupee is off to a tepid start for the new week today. A weakening dollar overseas is keeping the overall sentiments mixed though. The US dollar index was pressured below 104 mark as cooling US inflation reinforced bets that the Federal Reserve has reached the end of its tightening cycle. On Friday, rupee declined by 4 paise to 83.27 against the US dollar, lingering close to record lows. The local currency is quoting down marginally at 83.28 per US dollar right now. A sharp rebound in Crude oil futures which jumped more than 4 percent on Friday is weighing on INR. Meanwhile, India�s forex kitty decreased by $462 million to $590.321 billion for the week ended November 10, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.672 billion to USD 590.783 billion. For the week ended November 10, the foreign currency assets, a major component of the reserves, increased by $108 million to $522.004 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India.

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