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Rupee slumps to 1-yr low against the dollar; Breaches crucial Rs67/$1 level

The Indian rupee slid sharply against the US dollar to breach the crucial level of Rs67/$1, its lowest level since February 2017. Broad based strengthening of the dollar and rise in crude oil prices dragged down the rupee. The rupee was trading at 67.10, down by 23paise against the US dollar. The Indian rupee opened 0.05paise up at 66.82 against the US dollar today.

The US dollar index jumped to its highest level in four months against a basket of currencies of Friday after economic data showed that US unemployment rate dropped to near a 17-1/2-year low of 3.9%.

Meanwhile, crude oil prices were trading at their highest level since November 2014, as markets braced for a re-imposition of US sanctions on Middle-East by United States. Brent crude Oil prices were trading at $75.59/barrel, up 0.96% from its previous close of  $74.87/barrel.

On Friday, RBI’s reference rate for the dollar stood at 66.76 and for Euro stood at 79.96. While the RBI’s reference rate for the Yen stood at 61.17, the reference rate for the Great Britain Pound (GBP) stood at 90.58.

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