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Rupee drops 24 paise to 68.66 against US dollar

Mon July 08 2019

 

The rupee on Monday declined by 24 paise to close at 68.66 against the US dollar, cutting short its three winning run due to a massive sell-off in equities and weakening expectations of a rate cut by the US Federal Reserve in near future.

 

Foreign institutional investors pulled out Rs 401.99 crore Monday, hitting the rupee sentiment.

 

Emerging market currencies took a hit after the US job data fuelled expectations that the Federal Reserve will not cut interest rates quickly in near future. The US dollar traded strong against its rivals, and Asian currencies.

 

Investors sentiment was subdued on concerns that increased surcharge on super-rich could affect foreign funds investing in India, which could lead to flight of foreign funds from the domestic markets, currency traders said.

 

The rupee opened lower at 68.49 from the last close of 68.42 at the inter-bank foreign exchange (forex) market.

 

The local unit lost further ground to touch a session low of 68.76 before closing at 68.66, marking a fall of 24 paise over its previous close. The rupee on Friday settled 8 paise higher at 68.42 against the dollar.

 

“Rupee follows the path of emerging-market currencies, as markets start to rethink the extent and speed of rate cuts by the Federal Reserve. Regional stocks also traded weaker as budget Blues continue,” V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities, said.

 

Source: Hindu business line.

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