Forex

Rupee down 28 paise to 70.97 against dollar

PTI Mumbai | Updated on November 06, 2019

Snapping its three-session winning streak, the rupee tumbled 28 paise to close at 70.97 against the US dollar on Wednesday as continuing uncertainty over the US-China trade deal affected currency market sentiment worldwide.

However, robust foreign fund inflows and easing crude oil prices restricted the fall for the domestic unit, forex brokers said.

At the interbank foreign exchange market, the rupee opened at 70.80 and skidded to 71.01 against the greenback intra-day. The local unit finally settled at 70.97, down 28 paise over its previous close.

Rahul Gupta, Emkay Global Financial Services’ Head of Currency, said the rupee-dollar spot market has been in a depreciating mode for the past three weeks as US and China have been hinting at a ‘phase one’ trade deal anytime this month.

“Depreciation is getting capped as market has started getting doubtful of the silence amid China’s attempts to push the US to remove more tariffs,” Gupta added.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.14 per cent to 97.84.

 

Published on November 06, 2019

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