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Rupee extends losses even as oil prices, dollar decline; ends at 86.30/$
The domestic currency closed 14 paise lower at 86.30 against the dollar on Monday, according to Bloomberg. The rupee has witnessed over 0.8 per cent depreciation in the current calendar year. Most Asian currencies traded lower during the day.
The rupee has declined nearly 1 per cent over the past two weeks and is now trading close to its lowest level in almost a month as traders' focus remains on a possible tariff deal with the US ahead of the August 1 deadline.
The trade deal with the US remains stalled due to unresolved issues around agriculture and automobiles, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. Markets will closely watch remarks from US Federal Reserve Chair Jerome Powell on Tuesday, especially after criticism from the US President over his reluctance to cut rates.
Rupee traded weak as focus shifts to this week's Fed Chair Powell's speech, which is expected to drive volatility in the dollar index, according to Jateen Trivedi, VP research analyst - commodity and currency at LKP Securities. "Additionally, key economic indicators such as Manufacturing and Services PMI will be closely tracked by market participants. The rupee is likely to continue moving within the broader range of 85.50-86.50."
In India, attention is also turning to the possibility of domestic rate cuts, following a sharper-than-expected decline in inflation to 2.1 per cent, a more than six-year low, Bhansali said. "The combination of falling inflation, surplus liquidity, and weak high-frequency data suggesting a potential economic slowdown is contributing to pressure on the rupee."
After falling for fice straight months, the dollar index has recovered 1.5 per cent in July on strong economic data and less probability of an immediate rate cut. The measure of the greenback against a basket of six major currencies was down 0.24 per cent at 98.24. Key global events this week include a speech by US Fed Chair Powell and ECB President Lagarde on July 22.
Crude oil prices wavered higher as traders assessed the impact of new European sanctions on Russian oil supply. Brent crude price was down 0.49 per cent at 68.94 per barrel, while WTI crude prices were lower by 0.34 per cent at 67.11, as of 3:36 PM IST.
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