Amazon Pay
SBI
Grofers

Rupee falls below 73 level on increased demand for US dollar from importers

Mumbai: The rupee weakened further and dipped by 54 paise to 73.04 against the US dollar on Monday, owing to increased demand for the American currency from importers amid increasing global crude oil prices.

International benchmark Brent crude was trading higher by 2.04 percent at $71.61 per barrel.

Rupee symbol. Reuters

Rupee symbol. Reuters

Forex traders said besides increased demand for the US currency from importers, the dollar's strength against some currencies overseas weighed on the domestic unit.

At the Interbank Foreign Exchange, the rupee opened lower at 72.74 and slipped further to quote at 73.04 against the dollar, down 54 paise over its previous close.

On Friday, the rupee rose by 50 paise to end at 72.50 per dollar on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the $70 per barrel mark.

Meanwhile, on a net basis, foreign funds bought shares worth Rs 614.14 crore, while domestic investors sold shared to the tune of Rs 337.28 crore on Friday, provisional data showed.

Traders said the decline in equity benchmarks also impacted the local unit. While the BSE Sensex was trading down 48.39 points or 0.14 percent, the wide based Nifty was trading at 10,579.40, down 0.05 percent.


Updated Date: Nov 12, 2018 14:08 PM

Also See