The Indian rupee opened lower on Monday at 69.61 against the US dollar amid rising crude oil prices and foreign fund outflows. The domestic unit was under pressure after a media report surfaced that Viral Acharya has quit as RBI deputy governor.
The local currency on Friday fell 14 paise to close at 69.58 against the US dollar.
Meanwhile, the RBI minutes were released last week wherein members broadly suggested that inflation is expected to stay within the MPC’s mandated medium-term target of 4% despite the upside risks.
Further, crude oil prices extended rally on Monday as rising US-Iran tensions fuelled supply concerns ahead of a crunch meeting between Donald Trump and Xi Jinping this week. Both main crude contracts are up almost 10% since Tehran last week shot down a US "spy drone" for breaching its airspace, ratcheting up fears of a conflict between the old foes. As per Bloomberg data, Brent crude was up 0.46% at $65.50/barrel and US West Texas Intermediate (WTI) crude was up 0.73% at $57.85/barrel.
Meanwhile, equity benchmark indices were trading in the red with the Sensex declining 58 points at 39,136 levels. The Nifty dropped 16 points at 11,708 levels.
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