Rupee opens weak at 60.22 against the dollar; crude prices weigh

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Rupee opens weak at 60.22 against the dollar; crude prices weigh
66.825United States Dollar
After seeing the single biggest gain on Thursday and rising by 31 paise, the rupee once again dropped sharply on Friday to trade at 60.25 against the dollar. The currency had closed at 60.08 against the dollar on Thursday.

Dealers say ongoing worries in Iraq and elevated level of crude prices will continue to weigh on the rupee.

On Thursday the sharp rise in the rupee was attributed to dovish comments by the US Federal Reserve on hike in interest rate expectations in the US.

Meanwhile, crude oil showed no signs of falling with Brent Crude hovering around the $115 a barrel mark. Brent Crude has now rallied to the highest level seen since Sept 2013.

Should Crude oil continue to rally it could add to pressure on the rupee, since Crude accounts for the largest import bill of India, resulting in subsequent dollar outflows. Check rupee rates here

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