Rupee falls by 30 paise to 69.80 on strong dollar, rising crude prices; sell-off in domestic equities adds pressure on domestic unit

Besides, weak Asian currencies and an intense sell-off in domestic equities also put pressure on the rupee.

Press Trust of India June 14, 2019 18:52:02 IST
Rupee falls by 30 paise to 69.80 on strong dollar, rising crude prices; sell-off in domestic equities adds pressure on domestic unit
  • On a weekly basis, the rupee saw a fall of 34 paise

  • At the interbank foreign exchange market, the domestic currency opened higher at 69.55 per dollar

  • The rupee had settled at 69.50 against the US dollar on Thursday

Mumbai: The Indian rupee on Friday fell by another 30 paise to close at 69.80 against the US currency as strengthening greenback and rising crude oil prices kept investors cautious.

Besides, weak Asian currencies and an intense sell-off in domestic equities also put pressure on the domestic currency. On a weekly basis, the rupee saw a fall of 34 paise.

Rupee falls by 30 paise to 6980 on strong dollar rising crude prices selloff in domestic equities adds pressure on domestic unit

Representational image. Reuters.

At the interbank foreign exchange (forex) market, the domestic currency opened higher at 69.55 per dollar, but lost ground during the day and fell to 69.85. The rupee finally settled at 69.80, down 30 paise over its previous close.

The rupee had settled at 69.50 against the US dollar on Thursday.

"The rupee weakened for a second day against US dollar, taking cues from the other Asian currencies," said V K Sharma, head-PCG & capital market strategy, HDFC Securities.

Brent crude futures, the global oil benchmark, climbed 0.11 percent to $61.38 per barrel.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.10 percent to 97.11.

Meanwhile, the 10-year government bond yield was at 6.92 percent on Friday.

Sharma further said that the important event to watch out for the next week is US Federal Open Market Committee (FOMC) meeting, scheduled on 18 and 19 June.

"Though Fed interest rate probability don't expect any change in the June meeting, pricing a cut in July meet," he said.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 238.64 crore Friday, provisional data showed.

Benchmark indices settled for the day in the negative territory. The BSE Sensex closed at 39,452.07, down by 289.29 points, or 0.73 percent. The wider NSE Nifty tumbled 90.75 points, or 0.76 percent, to finish at 11,823.30.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.3579 and for rupee/euro at 78.3740. The reference rate for rupee/British pound was fixed at 88.0207 and for rupee/100 Japanese yen at 64.03.

Updated Date:

also read

Petrol, diesel prices today: Rates constant on 15 November, check here what you need to pay in your city
Business

Petrol, diesel prices today: Rates constant on 15 November, check here what you need to pay in your city

Petrol and diesel prices on 15 November 2021: Petrol price in Delhi stands at Rs 103.97 per litre while diesel is available for Rs 86.67. In Mumbai, petrol is retailing at Rs 109.98 while diesel costs Rs 94.14

Rupee sees high volatility as worries resurfaced around new COVID strain
Business

Rupee sees high volatility as worries resurfaced around new COVID strain

The dollar index rose by 0.19 percent to 96.27 and the global oil benchmark Brent crude futures advanced 4.06 percent to USD 75.67 per barrel

Rupee slips 5 paise to 74.35 against US dollar in early trade
Business

Rupee slips 5 paise to 74.35 against US dollar in early trade

The dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.10 percent to 96.12