The rupee Wednesday declined by 24 paise to close at 69.86 against the US currency, weighed down by a strong dollar sentiment and high demand for the greenback from importers.
The rupee on Wednesday declined 23 paise to 69.85 against the US dollar in early trade due to higher demand for the greenback from importers amid foreign fund outflows.
Oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington’s push for tighter sanctions against Iran.
The study, published in the journal Proceedings of the National Academy of Sciences, showed that growing concentrations of greenhouse gases in Earth's atmosphere since 1960s have enriched cool countries like Norway and Sweden, while dragging down economic growth in warm countries such as India and Nigeria.
The surging price of oil is an Achilles heel for the Indian economy, complicating its inflation, current account, fiscal balance and currency outlook, a market report by Singapore's DBS banking group has said.
The rupee Monday plunged by 32 paise to close at a two-week low of 69.67 against the US dollar following a spike in crude oil prices on reports that the US will end waivers on Iranian oil imports.
Oil topped $74 a barrel on Monday, the highest since November, as the United States was set to announce a further clampdown on Iranian oil exports, tightening global supplies.
Foreign inflows into Asian bonds surged in March as lower US yields and hopes for a Sino-US trade deal boosted demand for regional assets.
India hopes the US will allow its allies to continue to buy some Iranian oil instead of halting the purchases altogether from May, a source familiar with US-India talks said on Monday.