Rupee skids 11 paise versus dollar

PTI Mumbai | Updated on October 24, 2019

The rupee snapped its five-day winning streak to finish 11 paise lower at 71.02 against the US dollar on Thursday, weighed by unabated foreign fund outflows and a weak trend in domestic equity markets. At the interbank foreign exchange market, the local currency opened on a strong note at 70.79, but lost ground during the day to touch a low of 71.08. It finally settled at 71.02, lower by 11 paise against its previous close. “The rupee opened higher against the US dollar, but was weighed down after domestic equities witnessed selling pressure in the latter half,” said Gaurang Somaiyaa, forex and bullion analyst, Motilal Oswal Financial Services Private Ltd. The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.01 per cent to 97.48. PTI



Published on October 24, 2019

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