Forex

Rupee skids 16 paise to close at 71.38 against dollar

PTI Mumbai | Updated on January 02, 2020 Published on January 02, 2020

The rupee lost 16 paise to close at 71.38 against the US dollar on Thursday as steady rise in crude oil prices and stronger dollar against key global currencies weighed on sentiment.

At the interbank foreign exchange market, the domestic currency opened weak at 71.27 a dollar. It touched the day’s high of 71.26, before finally settling at 71.38, a drop of 16 paise over its previous close.

The Indian currency is trading in a narrow range amid lack of directional cues from the global market, experts said.

Rise in crude oil prices weighed on the domestic unit, but robust domestic equities supported the rupee and restricted the fall, they said.

“Rupee extended losses to 71.36 on back of crude prices holding at higher levels which is making importers buy the dollar to hedge the net outflows for crude buying,” said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

Published on January 02, 2020
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