Rupee falls 38 paise, touches 71-level in early trade amid strengthening of dollar, weak opening in domestic equities

  • Forex traders said strength of the dollar and concerns about US-China trade negotiations kept investors edgy

  • The Indian rupee on Friday had closed at 70.78 against the US dollar

  • The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.23 percent to 97.60

Mumbai: The rupee depreciated by 38 paise and fell to 71 per dollar mark in early trade on Tuesday amid strengthening of the American currency and weak opening in domestic equities.

Forex traders said the strength of the US dollar against other overseas currencies and concerns about US-China trade negotiations also kept investors edgy.

 Rupee falls 38 paise, touches 71-level in early trade amid strengthening of dollar, weak opening in domestic equities

Representational image. Reuters.

At the Interbank Foreign Exchange, the rupee opened weak at Rs 71.15 then fell further to 71.16 against the American currency, down 38 paise over its previous closing price.

The Indian rupee on Friday had closed at 70.78 against the US dollar.

Forex market was closed on Monday on account of Bakri Eid.

Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital markets, putting in Rs 203.73 crore on Friday, according to provisional exchange data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.23 percent to 97.60.

Brent crude futures, the global oil benchmark, fell 0.12 percent to trade at $58.50 per barrel.

Domestic bourses opened on a negative note on Tuesday with benchmark indices Sensex trading 152.26 points lower at 37,429.65 and Nifty down 41.15 points at 11,068.50.

The 10-year government bond yield was at 6.54 percent in morning trade.

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Updated Date: Aug 13, 2019 11:15:25 IST