Rupee And Bond Update - June 28, 2021: Reliance Securities
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Reliance Securities Report
The Indian rupee depreciated for the fourth straight week against the U.S. dollar on increased dollar demand from oil companies amid a persistent rise in crude oil prices.
The rupee ended at 74.20 compared with 74.16 in the previous session. The unit fell 0.5% last week, adding to an aggregate near 2% depreciation in the last three weeks.
Apart from crude oil prices, the major talking point of the market throughout the week was the outlook of the Federal Reserve’s monetary policy.
Fed Chairman Jerome Powell downplayed the inflation threat and reiterated the U.S. central bank’s commitment to the broad labour market recovery.
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