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Rupee Opens Lower At 75.89/ US Dollar; IIP, CPI Data Eyed

Roshni Agarwal

Rupee in Tuesday's trade opened lower at 75.89 versus previous closing of 75.73 per US dollar. The weakness in the home currency is mainly on account of strength in the dollar which has been boosted as there have emerged concerns of second wave of coronavirus infection.

In the bond market, the yield on 10-year bonds opened at 6.19% as compared to Monday's close of 6.17%.

Dealers await IIP and CPI inflation numbers due to be released today.

Oil prices today have climbed as Saudi Arabia made an unexpected commitment to cut production in June which will help exhaust the global glut. Brent crude futures surged to a high of $30.11 per barrel, after receding lower by $1.34 in the previous session. U.S. West Texas Intermediate (WTI) crude futures were up 1% at $24.38.

Meanwhile, tracking weakness in Asian Shares, Indian indices are trading with sharp losses.

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