Comments
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.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.