Comments
The rupee, on Monday, fell by another 11 paise to close at 69.91 to the the US currency, its third straight-session loss, in line with intense sell-offs in domestic equities amid concerns over Indo-US trade tariff disagreements. The domestic currency has lost 57 paise in the last three sessions.
However, easing crude oil prices and weakening of the US dollar against key rivals helped the Indian rupee contain losses to some extent.
At the interbank forex market on Monday, the domestic currency opened higher at 69.87 a dollar, but lost ground during the day to fall to 69.94.
The rupee finally settled at 69.91, down 11 paise over its previous close. The Indian unit had settled at 69.80 a dollar on Friday.
“The rupee fell against the US dollar taking cue from other weak Asian currencies and widening Indian trade deficit for a third consecutive month,” said VK Sharma, Head-PCG and Capital Market Strategy, HDFC Securities.
Sharma further said market participants are awaiting the monetary policy of the Federal Open Market Committee (FOMC), Bank of England, and Bank of Japan scheduled this week.
Comments
COMMENT NOW
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.