India rupee slips as higher oil prices and US yields knock stocks, bonds
INDA•The rupee fell 0.1% to 94.1575, a one-week low, as higher oil prices and US yields weighed on Indian stocks and bonds. Brent crude was at $95.40 a barrel after rising 3% in the previous session.
1. Rupee hits weekly low
The Indian rupee slipped to a one-week low on Friday, last trading at 94.1575, down 0.1% from its previous close. The benchmark bond yield rose 7 basis points, while the Nifty 50 fell 0.2%.
2. Oil and inflation concerns
Brent crude was at $95.40 a barrel in Asian trading after a 3% rise in the previous session. Traders continued to see elevated oil prices as a risk for India, which imports about 90% of its oil requirements. October consumer price inflation rose above the central bank’s 6% tolerance limit.
