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Continuing its slide, the Indian rupee opened at record low of 73.26 per dollar, down 36 paise in today’s session. The Reserve Bank of India will have its October bi-monthly meet on Friday.
Oil prices held close to four-year highs on supply worries due to Washington’s sanctions on Iran. Brent added 8 cents to $84.88 per barrel, not far from a four-year high of $85.45 touched earlier in the week. US crude futures inched 1 cent higher to $75.24 a barrel, after earlier touching a four-year high of $75.91.
On the economy front, the growth of eight infrastructure sectors slowed down to 4.2% in August.
On the international front, the US Federal Reserve Chairman Jerome Powell exuded confidence of a remarkably positive outlook for US economy. He expects a historically rare era of ultra-low unemployment and tame prices.
US President Donald Trump threatened to impose new tariffs on additional USD267 billion worth of imports from China. Trump says he doesn't want a trade deal until China alters its unfair trade practices. Crude oil is trading at four-year highs.
On Monday, the rupee closed lower at 73.14/$ vs. its previous close of 72.74/$ last Friday.
The rupee and equity market was shut down on Tuesday on account of local holiday for Mahatma Gandhi Jayanti.
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