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Business EconomyPosted at: Nov 12 2018 5:36PM


Rupee depreciates by 38 paise against USD

Mumbai, Nov 12 (UNI) The Rupee on Monday depreciated by 38 paise to end negative at 72.87 against the US Dollar on increased dollar demand from importers and as Brent crude again crossed the USD 71 a barrel mark, dealers at Forex Market said.
Brent crude oil prices jumped 2 per cent after top exporter Saudi Arabia announced a supply cut in December, a measure likely aimed at halting a market slump that has seen decline in crude prices by 20 per cent since early October, source said.
The rupee opened weak at 72.74 and slipped further to 73.07 at the interbank forex market on Monday.
It hovered in a range of 73.07 and 72.73.
Firm dollar against some currencies overseas and losses in the domestic equity market kept the Indian currency under pressure.
On Friday, the rupee rose 50 paise to end at 72.49 on increased dollar selling by exporters and weak crude oil prices. Brent crude slipped below the USD 70 per barrel mark.
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