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Rupee hits record low of of 73.34 against US dollar

The partially convertible rupee hit 73.34 per dollar in early trade, an all-time low, and sharply lower than its previous close of 72.93.

The Rupee dropped to a record low in opening deals on Wednesday as a sharp rise in global crude oil prices over the last two sessions weighed on sentiment for the local unit.

The partially convertible rupee hit 73.34 per dollar in early trade, an all-time low, and sharply lower than its previous close of 72.93. Markets were closed on Tuesday for Gandhi Jayanti.

The benchmark 10-year bond yield was up 6 basis points at 8.05 per cent.

Oil prices firmed on expectations of a tighter market once US sanctions start targeting Iran’s petroleum industry from next month, although a strong dollar and rising US crude supply curbed gains. Prices however remain at highest levels since November 2014.

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