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Rupee Opens Lower At 75.80 Per US Dollar

Roshni Agarwal

Rupee in trade on April 8, 2020 opened lower at 75.80 with a loss of 18 paise versus previous close of 75.62 per US dollar.

In the previous session, rupee gained substantially due to sharp gains in equities as well as decline in daily fatality rate due to coronavirus in major hotspots. The gains in the home currency came even though dollar continued its gaining streak against major rival currencies.

In the bond market, the yield on 10-year benchmark bond stood at 6.41%.

Oil prices on Wednesday recovered on hopes that an OPEC meet with allied producers slated on Thursday will result in output cuts and ramp up prices that have come off heavily amid coronavirus pandemic.

Brent crude gained 75 cents or 2.4% to $32.62 per barrel after earlier losing 3.6% in the previous session. U.S. West Texas Intermediate (WTI) crude rose $1.30, or 5.5%, to $24.93 a barrel.

Meanwhile, Indian equities after opening weak tracking global markets recovered in trade with Nifty inching closer to 9000 mark.

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