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Rupee weakens to 67

Rupee weakens to 67.62 on dollar demand, inflation concerns

Wed June 13 2018

 

The rupee fell 13 paise to 67.62 against the US dollar in early trade due to increased demand for the American currency from importers amid foreign fund outflows and rising retail inflation.

 

Retail inflation jumped to a four-month high of 4.87 per cent in May on costlier food items such as fruits, vegetables and cereals coupled with high fuel rates. However, industrial production expanded by 4.9 per cent in April on improved performance by manufacturing and mining sectors as also a robust offtake of capital goods.

 

Forex dealers said strengthening of dollar against other currencies overseas as investors await a key Federal Reserve decision later in the day also weighed on the rupee sentiment. However, a firm domestic equity market limited the rupee’s losses.

 

Yesterday, the rupee had closed 7 paise down at 67.49 against the US currency. Meanwhile, the benchmark BSE Sensex rose 184.89 points, or 0.51 per cent, to 35,877.41 in early trade.

 

As per provisional data, foreign institutional investors (FIIs) had sold shares worth Rs 1,168.88 crore yesterday.

 

Source: Hindu business line.

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