Mumbai: The rupee tumbled 9 paise to trade at 68.94 against the US dollar in early trade on Wednesday amid unabated foreign fund outflows and rising crude oil prices.
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The rupee opened weak at 68.89 at the interbank forex market and slipped further to 68.94, showing a decline of 9 paise against its previous close.
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The domestic unit had settled at 68.85 against the US dollar on Tuesday.
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Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 644.59 crore on Tuesday, provisional data with the exchanges showed.
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Meanwhile, brent crude futures, the global oil benchmark, climbed 0.87 per cent to USD 65.28 per barrel.
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The 10-year government bond yield was at 6.36 per cent in morning trade.
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Forex traders said the rupee is trading in a narrow range as market participants are awaiting cues from the outcome of the Federal Open Market Committee (FOMC) meeting later on Wednesday.
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Besides, market participants were trading cautiously after US President Donald Trump’s tweet threatened to disrupt US-China trade talks.
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“My team is negotiating with them now, but they always change the deal in the end to their benefit,” Trump tweeted.
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Meanwhile, domestic bourses opened on a negative note day with benchmark indices Sensex trading 159.13 points down at 37,237.84 and Nifty up 46.50 points.
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