Forex

Rupee ends at 3-week low of 71.31 as high crude oil takes toll

PTI Mumbai | Updated on December 26, 2019 Published on December 26, 2019

The rupee erased its early gains to settle down by 4 paise at a three-week low of 71.31 against the US currency on Thursday, marking its fifth straight day of losses amid heavy selling in domestic equities and steady rise in crude oil prices.

Month-end dollar demand and weakness in domestic equities weighed on the domestic currency, Forex traders said.

At the interbank foreign exchange market, the rupee had opened higher at 71.26 against the US dollar. During the day, the domestic unit fluctuated between a high of 71.22 and a low of 71.35.

The rupee finally settled at 71.31 against the US dollar, lower by 4 paise over its previous close of 71.27 on Tuesday. The rupee has weakened by around half a percentage point or 34 paise since Thursday last due to strengthening crude oil prices on easing trade worries. Forex outflows and a stronger dollar have also hit the domestic unit.

Forex market was closed on Wednesday on account of the Christmas holiday.

Published on December 26, 2019
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