The Indian rupees touched 80 per US dollar for the first time ever on Tuesday after opening at ₹79.99 per dollar. The rupees declined for the eighth consecutive session after crude oil surged on concerns about tighters supplies globally. At the time of writing, the rupee was trading at 80.01 per dollar, after touching a fresh record low of 80.02.
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“On the other hand, the rupee was unable to hold on to its gains and slipped again. Despite profit-taking in the dollar index, the rupee slipped again. Crude oil prices jumped again and restricted gains of the rupee. However, recovery in the domestic equity markets supported the rupee at lower levels. We expect the rupee to remain volatile this week and could hold its key support level of 80.55 on a closing basis,” he added.
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