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Rupee slips 7 paise to 69

Rupee slips 7 paise to 69.24 against USD in early trade

Mon Apr 15 2019

 

Strengthening of the American currency in the overseas market weighed on the domestic unit

 

The rupee fell 7 paise to 69.24 against the US dollar in opening trade on Monday on increased demand for the greenback from importers and banks.

 

Forex dealers said strengthening of the American currency in the overseas market weighed on the domestic unit. However, sustained foreign fund inflows and positive opening in domestic equities supported the rupee and restricted the fall.

 

The rupee opened strong at 69.07 at the interbank forex market, then lost ground and fell to 69.24 down 7 paise over its last close. The rupee had settled at 69.17 against the US dollar on Friday. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 897.45 crore Friday, as per provisional data.

 

Meanwhile, brent crude futures, the global oil benchmark, fell 0.14 per cent to trade at USD 71.45 per barrel.

 

Source: Hindu business line.

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