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Rupee falls 22 paise to 85.98 against US dollar in early trade - The Economic Times

Published 4 weeks ago3 minute read
Rupee falls 22 paise to 85.98 against US dollar in early trade - The Economic Times
Rupee falls 22 paise to 85.98 against US dollar in early trade
PTI

The Indian rupee weakened against the US dollar. This happened because global crude oil prices increased. Also, India's exports and imports decreased, suggesting the economy is slowing down. Foreign investors buying Indian stocks helped prevent a bigger fall in the rupee's value. Brent crude oil prices rose slightly. Indian stock markets experienced a decline.

came lower than expected, it also indicated a slowing economy with exports and imports both down," he said. Brent crude, the global oil benchmark, was up 0.22 per cent to USD 68.86 per barrel in futures trade. "Brent oil prices rose slightly on expectations of a steady demand from the US and China, the world's two largest oil consumers, amid an improving economic outlook. That has reversed two days of decline as the US president threatened tariffs on the purchase of Russian oil," Bhansali added.

The dollar index, which gauges the greenback's strength against a basket of six currencies, dipped marginally 0.01 per cent to 98.60 after strengthening overnight.

On the domestic equity market front, the Sensex declined 103.16 points to 82,467.75 in early trade, while Nifty was down 56.75 points to 25,139.05.

India's exports remained unchanged at USD 35.14 billion in June, while the trade deficit stood at USD 18.78 billion during the month, the latest government data showed on Tuesday.

Foreign institutional investors (FIIs) bought equities worth Rs 120.47 crore on a net basis on Tuesday, according to exchange data.

Meanwhile, an Indian commerce ministry team is in Washington for another round of talks on the proposed bilateral trade agreement (BTA). The four-day talks, which started on Monday, will conclude on Thursday.

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