Rupee slips to 71.80 against dollar on fund outflows

PTI Mumbai | Updated on August 29, 2019

Identification of currency notes is key to successful completion of cash-based transactions by visually impaired persons   -  FRANCIS MASCARENHAS

The rupee gave up most of its losses to close down by 3 paise at 71.80 against the US currency on Thursday even as uncertainty over the US-China trade talks and recession fears kept investors on edge.

Losses in domestic equity markets and unabated foreign fund outflows hit the rupee sentiment, forex dealers said.

At the interbank foreign exchange, the rupee opened lower at 71.96 and fell further to the day’s low of 72.09 against the US dollar after inverted US yields fuelled fears of a possible recession.

Positivity surrounding the US-China trade talks after China indicated that it may not immediately respond to recent US tariff hikes helped revive the sentiment.

Chinese currency yuan gained 0.20 per cent, cutting short its 10-day losing streak against the dollar.

The domestic currency touched a high of 71.70 during the session before settling at 71.80, down by 3 paise.

Published on August 29, 2019

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