Rupee And Bond Update - September 13, 2021: Reliance Securities
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Reliance Securities Report
The Indian rupee depreciated by 0.7% last week, its biggest decline since July 2 against the U.S. dollar last week on importer hedging and a consistent rise in the dollar index.
Aggressive dollar purchases by some foreign banks and speculation that a large oil-to-telecom conglomerate had bought dollars also accelerated the selloff in the local unit.
Weekly low for the local unit was 73.85, its lowest in almost two weeks, but recouped some of its losses on exporters’ dollar sales and corporate greenback flows.
The dollar gained this week as rising U.S. Treasury yields prompted investors to cut short dollar positions.
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