Forex

Rupee skids 19 paise versus dollar

PTI Mumbai | Updated on November 11, 2019

istock.com/Kritchanut

The rupee, on Monday, tumbled by 19 paise to a near one-month low of 71.47 against the US dollar as fresh concerns over US-China trade deal and Hong Kong unrest kept forex market participants edgy. Investors also played their bets cautiously in view of India’s rating outlook cut by Moody’s investors Services last week.

Opening marginally lower, the Indian currency dropped to a low of 71.54 to the US dollar before settling at 71.47, showing a fall of 19 paise. This is the lowest closing level for the domestic unit since October 15.

Forex traders said that rupee loss was somewhat checked by lower crude prices and a weaker dollar against major currencies overseas. The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.14 per cent to 98.21.

Published on November 11, 2019

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like