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Rupee tumbles 68 paise to 71.60/USD in early trade

Mon Sep 16 2019

 

The rupee tumbled by 68 paise to 71.60 against the US currency in early trade on Monday, as a sharp jump in global crude oil prices dampened investor sentiments. Forex traders said, market participants were concerned as the drone attack on Saudi Arabia’s oil facilities has stroked fiscal slippage concerns.

 

Traders said weak opening in domestic equities and sustained foreign fund outflows also weighed on the domestic currency. The 30-share index was trading 204.37 points or 0.55 per cent lower at 37,180.62 and the broader Nifty fell 64.10 points or 0.58 per cent to 11,011.80.

 

Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 405.45 crore on Friday, provisional data with the exchanges showed. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.09 per cent to 98.17. The 10-year government bond yield was at 6.64 per cent in morning trade.

 

Source: Hindu business line.

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