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Down 23p, Rupee falls for third day in a row on high crude oil prices

The dollar rose to a three-and-a-half month high against a basket of six currencies globally helped by passage of $1.9 trillion stimulus package by the US Senate, positive jobs data and rising bond yields.

By: ENS Economic Bureau | New Delhi |
March 9, 2021 3:05:51 am
The benchmark Sensex rallied 1,271 points from the day’s low of 48,586.93 and closed with a gain of 642 points.

The rupee on Monday declined by 23 paise to close at 73.25 against the US dollar, extending its losses for the third session in a row due to rising crude oil prices and strengthening of the American currency in the overseas market.

The dollar rose to a three-and-a-half month high against a basket of six currencies globally helped by passage of $1.9 trillion stimulus package by the US Senate, positive jobs data and rising bond yields.

At the interbank forex market, the local unit opened at 73.13 against the greenback and witnessed an intra-day high of 73.29 and a low of 72.93.

It finally ended at 73.25 against the American currency, registering a fall of 23 paise over its previous closing. The rupee has dropped by 53 paise or 0.73 per cent in three sessions to Monday mainly due to forex outflows from capital markets due to rising US bond yields.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.27 per cent to 92.22.

On the domestic equity market front, the BSE Sensex ended 35.75 points or 0.07 per cent higher at 50,441.07, while the broader NSE Nifty climbed 18.10 points or 0.12 per cent to 14,956.20.

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