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Rupee falls to 68

Rupee falls to 68.87 on sustained foreign fund outflows

Wed July 11 2018


Extending losses for the second straight session, the rupee weakened by 5 paise to 68.87 against the US dollar due to sustained capital outflows and strengthening of the greenback against other currencies overseas.


Forex dealers said besides increased demand for the US currency from importers, persistent outflows by foreign funds and the dollar’s strength against some other currencies overseas also weighed on the rupee.


The dollar rose near an 11-month high against the Chinese yuan and the Australian dollar tumbled after the US said it would slap tariffs on an extra $200 billion of imports from China, sharply escalating tensions between the world's two biggest economies.


Yesterday, the rupee ended lower by 10 paise to close at 68.82 against the US currency due to fresh dollar buying by importers. Meanwhile, the benchmark BSE Sensex opened 59.64 points higher, or 0.16 per cent, at 36,299.26, but soon turned choppy.



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