Forex

Rupee skids for 5th day; drops 8 paise to 70.89 against dollar

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

At the Interbank Foreign Exchange, the rupee opened weak at 70.92. File Photo   -  BusinessLine

The rupee dropped 8 paise to finish at 70.89 against the US dollar on Wednesday after the RBI cut the key interest rate and lowered the growth estimate for the current fiscal.

 This is the fifth straight session of loss for the domestic currency, during which it has lost a hefty 210 paise.

 During the day, the local currency witnessed high volatility following the announcement of RBI Monetary Policy Committee (MPC) decision.

 At the interbank foreign exchange market, the rupee opened weak at 70.92. It shuttled between a high of 70.62 and a low of 70.99, before finally closing at 70.89, down 8 paise over its previous close.

 The local unit had settled at 70.81 against the US dollar on Tuesday.

Published on August 07, 2019
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