Indian Currency Rupee Falls to 72.08 Per US Dollar

Guwahati, November 13, 2019:

Indian currency, the Rupee, has reported a fall of 62 paise closing down at 72.08 per dollar on November 13, which is considered the biggest single-session fall since September 16, after India's industrial output contracted by the most in almost seven years.

The Indian currency has fallen 1 rupee 11 paise so far in November, but its fall will be limited in the near-term and may have a limited impact on the equity market, said reports.

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The rupee tumbled by 19 paise to a near one-month low at 71.46 against the US dollar on November 11 after fresh concerns over the US-China trade deal. The currency market was shut on November 12 on account of Guru Nanak Jayanti.

According to analysts, the rupee may see volatility in the coming sessions due to developments around the US-China trade talks and fluctuations in crude oil prices.

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Rupee could see some weakness as hopes of deep supply cuts by the OPEC member countries during the upcoming OPEC meeting on December 6 could lift crude oil prices, eventually putting pressure on the rupee, said Choice Broking.

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