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Rupee Closes Lower At 75.78 Per US Dollar

Roshni Agarwal

In trade on June 11, 2020, the Indian currency ended lower at 75.78 per US dollar. The currency has been losing ground on weak sentiment in equities.

India's foreign exchange reserves are approaching levels of $500 billion but despite this the currency has been the worst performer for 3 months in comparison to its Asian peers. "The rupee is unable to do it, inspite of the surge in capital inflows, due to the dollar buying spree from the central bank," said Anindya Banerjee, currency strategist at Kotak Securities Ltd.

In the bond market, the yield on 10-year benchmark bond stood at 5.78%.

Oil in trade today fell further as demand is expected to set in patches and record high US stockpile. Also, the US Fed outlook which sees recovery to take some years time, weighed on the commodity.

Meanwhile, tracking weakness in global markets, Indian indices are trading down by 2%, with Nifty at 9900 points.

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