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Rupee falls 7 paise to 68.58 vs USD

Wed July 10 2019


The rupee declined by 7 paise to close at 68.58 against the US dollar on Wednesday, pressured by persistent foreign fund outflows and firming crude oil prices.


A weak trend at the domestic equity markets and global trade tensions also kept sentiment subdued, traders said.


At the interbank foreign exchange market, the domestic unit opened weak at 68.61 and soon slipped to hit the day’s low of 68.67. However, it pared some losses to touch a high of 68.48, before finally closing at 68.58, showing a loss of 7 paise over its previous close.


The rupee had rebounded by 15 paise to close at 68.51 against the greenback Tuesday on fag-end selling of the US currency by banks and importers in line with a late recovery in domestic equities.


“Rupee has been consolidating in the range of 68.50 and 69.20 for last five sessions. Any level below 68.50 could bring momentum buying in rupee against dollar. Rupee has managed to remain resilient in the recent past despite rising Dollar Index and Brent crude prices.


Source: Hindu business line.

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