Rupee declines to 70
Rupee declines to 70.75
Wed Dec 05 2018
The rupee depreciated by 26 paise
to 70.75 against the US dollar in early trade due to strengthening of the US
dollar, foreign fund outflows and heavy selling in domestic equity market.
According to forex dealers, fresh
demand for the American currency from importers also weighed on the domestic
unit. Besides, investors were treading a cautious path ahead of the RBI policy
decision.
The rupee opened weak at 70.70
and further dropped to 70.75. On Tuesday, the rupee had slipped 3 paise to
70.49 due to increased demand for the American currency from importers and
rising global crude oil prices.
The 30-share BSE index fell
209.22 points, or 0.58 per cent, to 35,925.09 and the NSE index dropped 75.90
points, or 0.70 per cent, to 10,793.60. As per provisional data, foreign funds
withdrew Rs 55 crore from capital markets on a net basis.
However, lower crude prices
restricted the rupeeās losses. Brent crude, the international benchmark, was
trading at $60.87 per barrel on Wednesday, down 1.95 per cent.
Source: Reuters
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