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Rupee Lowers To 72 Mark As Oil Climbs Again

Roshni Agarwal

On Monday, the domestic unit traded almost flat as against previous closing of 71.795.
Indian rupee on Friday buoyed by tension in the Middle East after the US airstrike killed one of the chief military general of Iran lifted crude prices sharply up and amid it the domestic currency weakened sharply to close at 71.795 per US dollar.

Oil prices on Monday soared again as much as 2% after Donald Trump, the US President, threatened of huge sanctions on Iraq on Iran's retaliation over the US airstrike which resulted in the killing of the former's major general. Brent crude futures spiked and breached $70 mark per barrel, up 2.4% as against Friday's settled price. At 0222GMT, it quoted at $70.27 per barrel.

U.S. West Texas Intermediate crude was at $64.39 a barrel, up $1.34, or 2.1%, after touching $64.44 earlier, the highest since April.

Amid US-Iran tension, safe haven assets have gained in price while the riskier assets have seen a downward trend.

On account of another war foreseen, Japanese Yen hit a 3-month high.

Meanwhile, Indian equities are expected to open lower as Asian markets have been under pressure with gold climbing to 7-year high on US-Iran tension.

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