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Rupee Trades Lower At 71.18 After Moody's Cut India's Sovereign Rating

Roshni Agarwal

Rupee in Friday's trade resumed trade at a weaker note dropping as much as 34 paise at the opening to 71.30 in contrast to the previous close of 70.96.

Also, Moody's cut the sovereign rating of the country amid prolonged slowdown that is taking hold of the country. Nonetheless, harsh losses remained capped due to continuing foreign fund flows.

In the previous trading day, the rupee remained steady as hopes of US-China deal improved investor sentiment.
Oil also hardened in the trade as hopes of a likely deal between the US and China fade and it is seen to be delayed by another month until December.

In the bond market, the yield on 10-year benchmark bonds came in at 6.54%

Meanwhile, equities in trade today are trading lower after Sensex closed at another record high on Thursday.

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