Global crude oil prices rose after Opec members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices.
Global crude oil prices rose after Opec members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices.
The rupee opened lower at 71.28 against the dollar and dropped further to 71.41, 59 paise down over its previous close. (Representational)
Forex traders said besides increased demand of the US currency from importers, the dollar’s strength against some currencies overseas weighed on the rupee. The rupee opened lower at 71.28 against the dollar and dropped further to 71.41, 59 paise down over its previous close.
On Friday, the domestic currency recuperated by 8 paise to close at 70.82 against the US dollar. Traders said a lower opening in domestic equity market, rising crude prices and foreign fund outflows put additional pressure on the local unit. The 30-share BSE Sensex plummeted 551.74 points, or 1.55 per cent, to 35,121.51 in opening session.
Global crude oil prices rose after Opec members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices.
Comments
Post a Comment