ZCZC
BCN-26
INDIA-RUPEE-USD
Rupee falls 50 paise to 70.08 against US dollar in early trade
Mumbai, Dec 3, 2018 (BSS/PTI) – The rupee depreciated by 50 paise to 70.08
against the US dollar in early trade Monday at the interbank foreign exchange
amid strengthening of the US dollar against some currencies overseas.
Forex traders said besides increased demand of the US currency from
importers, the dollar’s strength against some currencies overseas weighed on
the rupee but a higher opening of the domestic equity markets, capped the
losses.
The rupee opened lower at 69.87 against the dollar then dropped further to
quote at 70.08, down 50 paise over its previous close.
The rupee had strengthened by 27 paise to close at a four-month high of
69.58 against the US currency Friday.
The benchmark BSE Sensex opened over 250 points higher Monday on positive
global cues after US President Donald Trump and his Chinese counterpart Xi
Jinping ended the trade war and agreed to a truce.
The 30-share index was trading 132.25 points, or 0.37 per cent, higher at
36,326.55. In similar movement, the NSE Nifty was trading 30.80 points, or
0.28 per cent, up at 10,907.55.
Forex traders said a rise in crude oil prices and foreign fund outflows
also weighed on the domestic currency.
On net basis, foreign funds sold shares worth Rs 332.62 crore, while DIIs
purchased share to the tune of Rs 1,489.65 crore Friday, provisional data
showed.
Globally, Brent crude, the international benchmark, was trading 4.78 per
cent up at USD 62.30 per barrel.
BSS/PTI/HR/1425