Rupee softens 9 paise against US dollar in early trade; rise in demand for US currency from banks, importers

The rupee had lost 26 paise to close at 73.83 Monday after crude prices rose amid intensifying geopolitical tensions.

Press Trust of India October 16, 2018 09:58:39 IST
Rupee softens 9 paise against US dollar in early trade; rise in demand for US currency from banks, importers

Mumbai:  The rupee weakened by 9 paise to Rs 73.92 against the US dollar in early trade on Tuesday on increased demand for the American currency from banks and importers.

At the Interbank Foreign Exchange, the domestic currency opened higher at 73.79 but lost ground and fell to 73.92.

Dealers attributed the rupee's fall to the dollar's strength against some other currencies overseas but fresh inflows by foreign funds and a higher opening in domestic equity markets, capped the losses.

Rupee softens 9 paise against US dollar in early trade rise in demand for US currency from banks importers

Rupee and US dollar Representational image. Reuters.

Moreover, weak exports data also dampened sentiments in the forex market. India's exports entered the negative zone after five months, contracting 2.15 per cent in September to USD 27.95 billion, according to commerce ministry data.

The rupee had lost 26 paise to close at 73.83 Monday after crude prices rose amid intensifying geopolitical tensions.

The benchmark BSE Sensex Tuesday rose by 89.17 points, or 0.26 percent to trade at 34,954.27.

Meanwhile, foreign portfolio investors bought shares worth Rs 67.86 crore on net basis from stock markets on Monday, according to the BSE data.

Updated Date:

also read

INI CET 2022: Results expected to be declared today at aiimsexams.ac.in; check details here
India

INI CET 2022: Results expected to be declared today at aiimsexams.ac.in; check details here

The timetable for the open round of seat allocation and online seat allocation will be announced separately.

Rupee surges 29 paise to 74.84 against US dollar in early trade
Business

Rupee surges 29 paise to 74.84 against US dollar in early trade

The rupee has been under pressure over the last few trading sessions, as the detection of a new coronavirus variant re-ignited growth concerns and hurt risk appetite

Rupee slips 16 paise to 75.07 against US dollar in early trade
Business

Rupee slips 16 paise to 75.07 against US dollar in early trade

The rupee has been under pressure over the last few trading sessions, as investor concern has resurfaced about how much damage the new Omicron coronavirus variant may unleash on the economy