December 4, 2023Thomson Reuters

Importers erode rupee's tailwind from stronger Asia FX, election results

Rupee was slightly lower on Monday, as US dollar demand from importers offset positive cues such as strength in most Asian currencies

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The rupee was at 83.3175 against the dollar as of 11:00 am, weaker by 0.04% compared with its close at 83.2875 in the previous session

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While the rupee opened higher at 83.26, it shed gains pressured by dollar demand from local oil companies and importers, a foreign exchange trader at a private bank said

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Most Asian currencies edged higher aided by a drop in US Treasury yields on Friday after

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Federal Reserve Chair Jerome Powell's remarks bolstered bets that the central bank is done hiking policy rates

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