Rupee skids 18 paise to 69.89 against dollar in early trade amid heavy sell-offs in equities, foreign fund outflows

The rupee opened weak at 69.70 at the interbank forex market and then fell further to 69.89, down 18 paise over its last close.

Press Trust of India May 09, 2019 11:11:40 IST
Rupee skids 18 paise to 69.89 against dollar in early trade amid heavy sell-offs in equities, foreign fund outflows
  • Forex traders said the US-China trade concerns also weighed on the domestic currency.

  • The rupee opened weak at 69.70 at the interbank forex market and then fell further to 69.89, down 18 paise over its last close

  • The rupee had settled at 69.71 against the US dollar on Wednesday

Mumbai: The rupee depreciated by 18 paise to 69.89 against the US dollar in early trade on Thursday amid heavy sell-off in domestic equity market and foreign fund outflows.

Forex traders said the US-China trade concerns also weighed on the domestic currency.

The rupee opened weak at 69.70 at the interbank forex market and then fell further to 69.89, down 18 paise over its last close.

The rupee had settled at 69.71 against the US dollar on Wednesday.

Rupee skids 18 paise to 6989 against dollar in early trade amid heavy selloffs in equities foreign fund outflows

Representational image. Reuters

China has threatened to take retaliatory measures if US President Donald Trump raises tariffs on $200 billion worth of goods ahead of the crucial 11th round of talks aimed at ending the trade war between the world's two largest economies.

The talks are due to be held on 9-10 May in Washington between trade delegations headed by Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin.

On the domestic front, foreign institutional investors (FIIs) pulled out Rs 645.08 crore on a net basis Wednesday, provisional data showed.

Domestic bourses opened on a negative note Thursday with benchmark indices Sensex trading 191.71 points down at 37,606.72 and Nifty down 54.60 points at 11,304.85.

Forex dealers said easing crude oil prices however supported the local unit and restricted the downfall.

Brent crude futures, the global oil benchmark, fell 0.78 percent to $69.82 per barrel.

Updated Date:

also read

Rupee opens marginally higher in early trade amid weak global cues, foreign fund outflows
Business

Rupee opens marginally higher in early trade amid weak global cues, foreign fund outflows

The rupee on Monday fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency.

Rupee slips 26 paise to 70.18 against dollar in early trade; US-China trade concerns, crude prices impact domestic currency
Business

Rupee slips 26 paise to 70.18 against dollar in early trade; US-China trade concerns, crude prices impact domestic currency

The rupee opened on a weak note at 70.16 then fell further to 70.18 against the US dollar, showing a decline of 26 paise over its previous closing

Rupee slips 20 paise to 71.22 against dollar in early trade on subdued opening in domestic equities
Business

Rupee slips 20 paise to 71.22 against dollar in early trade on subdued opening in domestic equities

At the interbank foreign exchange, the rupee opened on a strong note at 71.20 then lost momentum and fell to 71.22 against the US dollar, showing a decline of 20 paise over its previous closing