Rupee sheds 16 paise against US dollar in early trade on month-end demand for American currency

The US dollar edged back from a six-week low against the yen and this factor also weighed on the Indian rupee

Press Trust of India March 25, 2019 10:10:10 IST
Rupee sheds 16 paise against US dollar in early trade on month-end demand for American currency
  • The US dollar edged back from a six-week low against the yen and this factor also weighed on the Indian rupee

  • On Friday, the rupee had ended lower by 12 paise at 68.95 against the dollar

  • Forex dealers said the local unit was weighed down by strong dollar demand from importers to make month-end payments

Mumbai: The rupee depreciated 16 paise to 69.11 against the US dollar in opening trade Monday on month-end demand for the American currency from importers amid a weak opening in domestic equity market.

Besides, the US dollar edged back from a six-week low against the yen and this factor also weighed on the Indian rupee, dealers said.

At the Interbank Foreign Exchange (forex) market, the domestic unit opened lower at 69.07 and slipped further to 69.14 but recovered partially to quote 16 paise down at 69.11 against the dollar.

Rupee sheds 16 paise against US dollar in early trade on monthend demand for American currency

Representational image. Reuters.

On Friday, the rupee had ended lower by 12 paise at 68.95 against the American currency on rise in demand for the greenback from importers and sell-off in domestic equities.

Forex dealers said the local unit was weighed down by strong dollar demand from importers to make month-end payments. However, sustained foreign fund inflows and easing crude prices restricted the fall.

Foreign portfolio investors (FPIs) bought equities worth Rs 1,374.57 crore Friday, provisional data showed.

Brent crude futures, the global oil benchmark, slipped 0.82 percent to $66.48 per barrel.

Meanwhile, the benchmark BSE Sensex fell by 306.53 points, or 0.80 percent, at 37,858.08 in early deals

Updated Date:

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