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Rupee slips 20 paise against US dollar

Rupee slips 20 paise against US dollar

Fri May 17 2019


The rupee opened weak at 70.22 at the interbank forex market.  Snapping its three-session winning streak, the rupee on Friday declined by 20 paise to close at 70.23 against the US dollar as rising crude oil prices and recent foreign fund outflows weighed on investor sentiment.


Forex traders said the decline in the local unit was in tandem with the weakness in other major Asian currencies vis-a-vis the US dollar. At the interbank foreign exchange (forex), the domestic currency opened at 70.22 a dollar and fell further to touch the day’s low of 70.32. It finally settled at 70.23 per dollar, down 20 paise over its previous close.


The rupee on Thursday had settled at 70.03 to the US dollar.


Source: Hindu business line.

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