Indian rupee, bonds gain, helped by dip in global oil prices

By Reuters

The Indian rupee and bonds strengthened on Thursday as a drop in global crude oil prices provided a breather and helped calm investor worries over sustained imported inflationary pressures in the domestic economy. India imports more around 80% of its oil requirements and high global prices percolate through the economy and hurt consumers, while also widening the country's current account deficit. Oil prices dropped to their lowest in two weeks after official figures showed a surprise jump in U.S. inventories of crude, and rising cases of COVID-19 in Europe, Russia, and some outbreaks of infections in China dented hopes for an economic recovery.

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