Forex

Rupee weakens to 69.92

PTI | Updated on August 21, 2018

The rupee jumped 24 paise to 69.58 on dollar selling by banks and exporters.

The rupee weakened to 69.92 on mild dollar demand from importers. However, weakening of dollar against other currencies overseas restricted the rupee's losses.

Extending its rising streak for the second day, the rupee opened strong at 69.65 at the interbank forex market today. It hovered in a range of 69.92 and 69.52 before ending at 69.87, down 5 paise at 5 pm local time.

According to forex dealers, the dollar succumbed to selling pressure after the US President Donald Trump accused China and Europe of manipulating their currencies and criticised the Federal Reserve for hiking interest rates.

Yesterday, the rupee made a strong comeback from its life-time low and ended with a gain of 33 paise at 69.82 on heavy dollar unwinding and a robust rally in domestic equities.

Meanwhile, the Sensex ended up 7 points or 0.02 per cent at a new high of 38,285.75 and the Nifty closed higher by 19.15 points or 0.17 per cent at a record high of 11,570.90.

Published on August 21, 2018

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