The rupee weakened even as the dollar fell against major global currencies
The rupee has lost 32 paise, or 0.50 per cent, in five trading days
A massive drone strike on the world's largest crude-processing facility operated by Saudi Arabia's Aramco has driven oil prices to their highest level in nearly four months. The attack has knocked out over half of Saudi Arabia's production as it cut 5.7 million barrels per day or over 5 per cent of the world's supply.
Prices are sustainable and not just driven by speculative gains
The Consumer Price Index-based inflation rose to 5.11% in January
US commercial crude oil stocks were forecast to have risen by 3 million barrels last week
Over the previous eight sessions, Brent had lost about $7 a barrel, almost 20 per cent
The rupee ended marginally lower by three paise at 66.36 against the US dollar.
The rupee had lost 27 paise to close at more than 5-week low.
While OPEC has been unable to agree on an output freeze in an effort to support prices, Iraq was the latest Middle East producer to raise its exports quota
The rupee had dropped by 18 paise to end at 66.40
The rupee ended the day stronger against the dollar.
However, the hefty initial gains of the rupee, which had jumped to 61.05 intra-day, were substantially erased on month-end demand for US dollars from private oil firms and some defence-related purchases, amid fall in domestic stocks.
Jewellery stores remained deserted as buyers deferred their non-essential purchases awaiting softness in gold prices.
Rupee gained on increased selling of the US currency by banks and exporters
Oil edged up on Tuesday, steadying after a 5 per cent plunge in the previous session that saw prices touch fresh 5-1/2-year lows in an oversupplied market.
The domestic currency had gained by 80 paise, or 1.19 per cent, in previous five trading days.
The Indian rupee resumed sharply lower at 66.65 per dollar against last Friday's level of 66.48.
RBI fixed the reference rate for the dollar at 66.2930 and euro at 74.8978.
The domestic currency tumbled by 45 paise or 0.68 per cent in two days.
Both crude benchmarks are now down around 20 per cent since their last peak in June
Weakness of dollar in the overseas market also boosted the rupee value.
The trading range for the Spot USD/INR pair is expected to be within 66.20 to 67.00.
Rupee is under pressure against the dollar say currency watchers.
Profit-booking and selling pressure on below-normal monsoon forecast, marred sentiments, traders said.
The rupee had jumped by 164 paise or 2.39 per cent in previous six trading days.
On Friday, the rupee had gained 9 paise to close at a fresh one-week high of 67.08.
The rupee on Monday ended lower by 23 paise to close at an over two-week low of 67.31 against the US currency.
The domestic currency has dropped by 62 paise or 0.93 per cent in four trading days.
Snapping its 3-day winning spree against the American currency, the rupee on Wednesday dropped by 21 paise to end at 66.64 on fag-end dollar demand from banks and importers despite a sharp rally in domestic equities.
The Rupee is seen strengthening against the dollar.
The dollar strengthened against major world currencies.
India's foreign exchange reserves declined by a whopping $4.343 billion to $367.646 billion.
Increased month-end demand for the US currency from importers put pressure on the rupee
Good foreign capital inflows failed to restrict the rupee's fall against the dollar
Weakness of dollar in the global markets and foreign capital outflows also affected the rupee sentiment.
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
The rupee on Monday slipped by 5 paise to close at 63.57 per dollar on fresh demand for the American currency from banks.
Oil prices have already fallen over 70 per cent since the downturn began in mid-2014.
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