Rupee dives 29 paise to close at 70.35 against US dollar even as crude oil prices ease
The rupee tumbled by 29 paise to 70.35 against US dollar on Thursday amid strengthening of the greenback even as crude oil prices eased.
Mumbai: The rupee tumbled by 29 paise to 70.35 against US dollar on Thursday amid strengthening of the greenback even as crude oil prices eased.
Brokers said the US dollar firmed up against major global currencies following easing of tensions between the White House and the Fed, which calmed investors' nerves.
Progress in US-China trade negotiations and strong consumer spending data in the US added to the momentum, they added.
At the Interbank Foreign Exchange, the rupee opened sharply lower at 70.27 a dollar against its previous close of 70.06. The domestic unit moved in a range of 70.39 to 70.18 during the day, before closing at 70.35.
Brent crude futures dropped 3.78 percent to $53.20 per barrel.
On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 80.28 crore Wednesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 137.63 crore, provisional data available with BSE showed.
Meanwhile, the BSE benchmark Sensex jumped 157 points Thursday amid expiry of December series derivatives contracts and positive global cues.
The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.3270 and for rupee/euro at 80.0223. The reference rate for rupee/British pound was fixed at 88.9829 and for rupee/100 Japanese yen at 63.25.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
The rupee strengthened further by 69 paise to close at 69.70 against the US dollar on Thursday as the Fed raised the interest rate but lowered its projection for future hikes.
The rupee snapped its six-session losing streak to end 18 paise higher at 74.21 against the US dollar on Wednesday after the American currency weakened overseas.
Rupee hits new low of 74.27, plunges 21 paise against US dollar on sustained foreign capital outflows, rise in crude price
The rupee erased all its morning gains to hit a new record low of 74.27 against the US dollar in afternoon trade on Tuesday after Brent crude breached the $84 a barrel-mark again and the American currency strengthened overseas.