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Rupee settles flat against dollar on Friday

20 Oct 2023 Evaluate

Rupee ended flat on Friday amid negative equity markets and rising crude oil prices. Traders were worried after the surge in the 10-year US benchmark yield overnight to briefly touch 5% has raised borrowing costs around the world. Besides, Reserve Bank of India -- Governor Shaktikanta Das said that the global economy is now facing a triad of challenges. He added that the recent surge in crude oil prices and bond yield is a major challenge. On the global front, Russian rouble climbed to a one-month high past 96 to the dollar on Friday, supported by high oil prices and the promise of stronger foreign currency supply as exporters prepare for month-end tax payments. dollar briefly touched the closely watched 150 level against the yen on Friday, encouraged by a rise in U.S. 10-year Treasury yields towards 5% after Federal Reserve Chair Jerome Powell suggested there was scope for more rate rises.

Finally, the rupee ended flat with its previous close of 83.13 on Thursday. The currency touched a high and low of 83.20 and 83.03 respectively.

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