Rupee And Bond Update - July 07, 2021: Reliance Securities
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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar on Tuesday, amid importer demand for dollars following a sharp spike in crude oil prices.
The rupee ended at 74.54 compared with 74.30 in the previous session. The unit weakened by 0.3% on Tuesday, its biggest single-session fall since June 22.
The increase in oil prices could raise inflation expectations and widen India’s trade deficit and could hurt the rupee.
Meanwhile, markets still remain focused on the release of Federal Reserve monetary policy minutes on Wednesday that will be scrutinised for clues on U.S. monetary policy.
The notes of the meeting should offer more insight on the inflation stance as well.
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