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Rupee weakens to 70

Rupee weakens to 70.08

Mon Dec 03 2018

 

The rupee depreciated by 50 paise to 70.08 against the US dollar in early trade at the interbank foreign exchange market today due to strengthening of the US dollar against some currencies overseas.

 

Forex traders said besides increased demand for the US currency from importers, dollar’s strength against some currencies overseas weighed on the rupee but a firm domestic equity market capped the losses.

 

The rupee opened weak at 69.87 against a 4-month high of 69.58 on Friday. The Sensex opened over 250 points higher on positive global cues after US President Donald Trump and his Chinese counterpart Xi Jinping ended the trade war and agreed to a truce.

 

Forex traders said rise in crude oil prices and foreign fund outflows also weighed on the domestic currency. On a net basis, foreign funds sold shares worth Rs 332.62 crore, while DIIs purchased share to the tune of Rs 1,489.65 crore on Friday.

 

Globally, Brent crude, the international benchmark, was trading up 4.78 per cent at $ 62.30 per barrel.

 

Source: https://www.thehindubusinessline.com/

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