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The Economic Times

Business

Rupee declines to one-week low as oil rally fans global rate hike worries

The Indian rupee fell to a one-week low on Thursday as a jump in oil prices and little progress in U.S.-Iran talks raised concerns that inflation could prompt further global rate hikes.

Dollar sales by state-run banks, likely on behalf of the Reserve Bank of India, limited losses and kept the rupee above 96 per dollar.

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