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Rupee drops 10 paise to end at 75.56 against dollar

Thu May 14 2020

 

The rupee slipped 10 paise to close at 75.56 against the US dollar on Thursday amid a strengthening greenback and weak domestic equities.

 

Forex traders said market participants were concerned about the fiscal deficit following the government’s Rs 20 lakh crore economic stimulus package and lack of clarity on how it would be financed.

 

Foreign fund outflows and the Fed’s grim prognosis for the US economy further weighed on the market here, traders added.

 

The local unit opened weak at 75.57, and shuttled between a low of 75.59 and a high of 75.30. It finally settled at 75.56 against the US dollar, down 10 paise over its previous close.

 

The rupee had finished at 75.46 against the greenback on Wednesday.

 

Source: Hindu business line.

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