Rupee slips 23 paise to 69.85 against dollar on fund outflows; lower crude prices, higher opening of equity markets restricts currency's fall
The rupee opened sharply lower at 69.80 against the US dollar, and further fell to quote at 69.85, a decline of 23 paise over its previous close
-
A strengthening US dollar against major global currencies also affected rupee's trading pattern, forex dealers said
-
The rupee opened sharply lower at 69.80 against the US dollar, and further fell to quote at 69.85, a decline of 23 paise over its previous close
-
On Tuesday, the rupee had appreciated by 5 paise to settle at 69.62 against the US dollar
Mumbai: The rupee on Wednesday declined 23 paise to 69.85 against the US dollar in early trade due to higher demand for the greenback from importers amid foreign fund outflows.
A strengthening US dollar against major global currencies also affected rupee's trading pattern, forex dealers said.
However, lower crude prices and a higher opening of the domestic equity markets restricted fall of the domestic currency to some extent, they added.
At the Interbank Foreign Exchange (forex) market, the rupee opened sharply lower at 69.80 against the US dollar, and further fell to quote at 69.85, a decline of 23 paise over its previous close.
Representational image. Reuters
On Tuesday, the rupee had appreciated by 5 paise to settle at 69.62 against the US dollar.
Foreign institutional investors (FIIs) emerged as net sellers in capital markets, pulling out Rs 237.47 crore on Tuesday, provisional exchange data showed.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 97.66.
The BSE Sensex was trading 75.37 points or 0.20 per cent higher at 38,640.25 in early trade. The NSE Nifty too rose 21.15 points or 0.18 percent to 11,597.10.
Meanwhile, global benchmark Brent crude declined by 0.54 percent to $74.11 per barrel.
also read
Rupee gains 12 paise to close at 78.94 against US dollar
On Thursday, the rupee had slipped 3 paise to close at a fresh lifetime low of 79.06 against the US dollar
Rupee hits record low of 79.11 against US dollar in early trade
On Thursday, the rupee fell 3 paise to close at a fresh lifetime low of 79.06 against the US dollar
Rupee rises 13 paise to 78.90 against US dollar in early trade
In the previous session, the rupee had closed at its all-time low of 79.03 against the US dollar