Report
Indian rupee's eight-day rally ends as oil hits its highest since May
Reuters reports the rupee closed down 0.4% at 94.8175 per dollar after hitting its strongest level in over six weeks.
TLDR
The rupee's October 22 loss ended an eight-session winning streak, Reuters reports. Foreign inflows for Jio Platforms' IPO and Reserve Bank of India measures helped early gains, but those gains faded as oil rose amid worries about conflict in the Middle East. Bloomberg says high oil prices and persistent dollar demand are expected to limit further gains.
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