Rupee hits another record low; oil, dollar moves in focus

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MUMBAI: The rupee weakened for a sixth straight session on Friday to hit yet another record low against the US dollar, tracking losses in most Asian peers on concerns of more aggressive tightening by the US Federal Reserve than expected.
The partially convertible rupee was trading at 79.92/93 to the dollar by 0343 GMT, from Thursday’s close of 79.8750. In opening deals, it touched a life low of 79.95.
The dollar hovered below a near two-decade high in Asian trading on Friday, having slipped overnight after two Fed policymakers said they favored a rate rise smaller than the size of 100 basis points that investors were betting on.
Oil prices rose amid prospects of a less aggressive U.S. rate hike, although gains were capped by demand recovery worries.



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