The Indian rupee extended decline in the opening trade after crude prices soared ahead of the impending US sanctions on Iran and ahead of Fed meet. The rupee opened lower by 26 paise at 72.96 per dollar. The 10-year gilt yield stood at 8.13%, below its previous close of 8.12%. Currently, the rupee is trading at 72.83/$.
The rupee is down more than 13% against the US Dollar so far this year.
On the international front, Crude oil is at its four-year high levels on Tuesday with WTI November futures trading 0.1% up, while Brent for November delivery was trading 0.2% up. This is especially due to a decision of OPEC members to resist production hike to offset Iran sanctions.
OPEC and its cartel in a meeting at Algiers over the weekend concluded with a decision to refrain from an urgent boost in production, despite Trump's call to bring down prices. OPEC members said they would hike output only in the event that customers wanted more cargoes. The US government from November 04 will target Iran’s oil exports with sanctions. The Us government is putting pressure on governments and companies around the globe to trim imports from Tehran.
The rupee is down more than 13% against the US Dollar so far this year.
On the international front, Crude oil is at its four-year high levels on Tuesday with WTI November futures trading 0.1% up, while Brent for November delivery was trading 0.2% up. This is especially due to a decision of OPEC members to resist production hike to offset Iran sanctions.
OPEC and its cartel in a meeting at Algiers over the weekend concluded with a decision to refrain from an urgent boost in production, despite Trump's call to bring down prices. OPEC members said they would hike output only in the event that customers wanted more cargoes. The US government from November 04 will target Iran’s oil exports with sanctions. The Us government is putting pressure on governments and companies around the globe to trim imports from Tehran.
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