September 16, 2019 / 4:00 AM / 3 months ago

Indian forex, bond markets drop sharply after global crude oil surge

MUMBAI, Sept 16 (Reuters) - Indian bonds dropped to a more than two-month low and the rupee snapped a seven-day winning streak on Monday, after global crude oil prices surged 10% following an attack on Saudi Arabia’s oil facilities over the weekend.

Oil prices retreated after hitting their highest since May at the open, on fears over supply disruptions following the attack on Saturday that cut more than 5% of global oil supply.

The partially convertible rupee was trading at 71.46/47 per dollar versus its previous close of 70.92. The rupee weakened to as much as 71.6950 in opening deals.

The benchmark 10-year bond yield was at 6.71% after hitting 6.75% earlier, its highest since July 5. It had closed at 6.64% on Friday. (Reporting by Swati Bhat; Editing by Subhranshu Sahu)

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