Forex

Rupee pares initial gains, settles 17 paise down at 76.20 against US dollar

PTI Mumbai | Updated on June 16, 2020 Published on June 16, 2020

The rupee pared initial gains and closed 17 paise lower at 76.20 (provisional) against the US dollar on Tuesday amid escalation in border tension with China.

In a massive rise of border tension, an Indian Army officer and two soldiers were killed during a violent confrontation with Chinese troops in the sensitive Galwan Valley in eastern Ladakh on Monday night, the Army said.

Forex traders said besides the border tension with China, foreign fund outflows and concerns regarding rising COVID-19 cases also weighed on investor sentiment.

The rupee which opened the day on a strong note at 75.89 against the US dollar, pared the gains to settle at 76.20 against the US dollar, down 17 paise over its previous close.

It had settled at 76.03 against the greenback on Monday.

During the four-hour trading session, the domestic unit saw an intra-day high of 75.77 and a low of 76.26.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.11 per cent to 96.60.

Published on June 16, 2020
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