Forex

Rupee slips to 69.43 against US dollar

PTI Mumbai | Updated on May 07, 2019 Published on May 07, 2019

Rupee-Dollar   -  The Hindu

The rupee on Tuesday slipped further by 3 paise to close at 69.43 against the US currency due to fag-end dollar demand from banks and importers amid sustained foreign fund outflows.

The rupee had settled 18 paise lower at 69.40 against the US dollar on Monday.

Losses in the domestic equity market and a strengthening dollar against major currencies overseas amid trade worries also weighed on the local unit, forex traders said.

Investor sentiment took a beating after IMF chief Christine Lagarde said US-China trade tensions were a ‘threat’ to the world economy.

Crude oil prices also dropped further on growth concerns. Brent crude futures declined 1.19 per cent to trade at $70.39 per barrel.

The rupee opened flat at 69.40 and later rose to the day’s high of 69.29 at the interbank forex market. However, it failed to maintain gains and touched intra-day low of 69.46 against the US dollar. It finally settled at 69.43, down 3 paise from the previous close.

“Rupee is consolidating in narrow range,” V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities commented.

 

Published on May 07, 2019
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