ZCZC
BCN-19
INDIA-RUPEE-USD
Rupee slips 9 paise to 68.80 vs USD in early trade
Mumbai, Jul 17, 2019 (BSS/PTI) – The rupee opened on a cautious note and
fell 9 paise to 68.80 against the US dollar in early trade Wednesday amid
rising crude oil prices and foreign fund outflows.
At the Interbank Foreign Exchange, the rupee opened at 68.69 then fell to
68.80 against the US dollar, showing a decline of 9 paise over its previous
closing.
The Indian rupee Tuesday had closed at 68.71 against the US dollar.
Forex traders said rising brent crude prices and foreign fund inflows weighed
on the domestic currency, while weakening of the greenback vis-a-vis other
currencies overseas and positive opening in domestic equities added support
to the local unit and restricted the downfall.
Meanwhile, brent crude futures, the global oil benchmark, rose 0.30 per cent
to USD 64.54 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital
markets, pulling out Rs 444.99 crore Tuesday, as per provisional data.
Domestic bourses opened on a cautious note Wednesday with benchmark indices
Sensex trading 75.05 points up at 39,206.09 and Nifty up 21.55 points at
11,684.15.
Meanwhile, on the global front, the Trump administration has said that there
is an “enormous potential” for growth in the India-US relationship and has
exuded confidence that the ongoing trade issues could be worked through
because of the friendship between the two nations.
“As it relates to our trade relationship, the secretary (of state) has said
this as well when we were in India: that we see a lot of opportunity for
growth in our relationship. We see enormous potential,” State Department
Spokesperson Morgan Ortagus told reporters at a news conference on Tuesday.
BSS/AFP/HR/1432