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Rupee Opens Sharply Lower At 75.95/ US Dollar

Roshni Agarwal

Rupee on April 3, 2020 opened sharply lower at 75.95 per US dollar against its Tuesday's close of 75.54. Domestic currency and bond markets were shut for past two days due to annual bank closing and Ram Navami.

At 9:20 am, the rupee slipped past levels of 76 to trade at 76.07 to the dollar.

On the back of a rally in dollar and rising uncertainty due to mounting coronavirus cases, the rupee is set to the end the week lower.

On Friday, crude oil prices came off their biggest one-day gains recorded in the earlier session as market awaits clarity after Trump said Saudi Arabia and Russia will cut output.

Brent crude futures fell 3 percent to $29.05 as of 0127 GMT while US West Texas Intermediate (WTI) crude futures fell 5.2 percent to $23.98 a barrel.

In the bond market, the yield on 10-year benchmark bond increased to 6.30%.

Meanwhile, Indian benchmark indices opened with losses with Nifty below 8200.

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