Flaring crude, US yields push rupee to lowest close of 83.44
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The Indian rupee closed at a record low of 83.44 per US dollar on Wednesday, sliding from 83.38 on Tuesday. The rupee has depreciated 0.3% against the US dollar so far in 2024. The depreciation is attributed to flaring crude oil prices and higher US yields. The Reserve Bank of India (RBI) has intervened intermittently to stabilize the rupee. Brent crude futures for June gained 0.8% on Wednesday, trading at over $90 per barrel. Higher crude oil prices could widen India's trade deficit as the country is a large importer of the commodity. Open interest for aggregate futures in the dollar-rupee pair for April declined 16.9% while that for the euro-rupee pair plunged 37% on Wednesday.

#IndianRupee #CrudeOilPrices #UsYields #TradeDeficit #BrentCrudeFutures #ReserveBankOfIndia

https://m.economictimes.com/markets/forex/flaring-crude-us-yields-push-rupee-to-lowest-close-of-83-44/articleshow/109018160.cms