Forex

Rupee weakens further against dollar

Our Bureau Mumbai | Updated on October 12, 2021

Falls to lowest intra-day level since June 29, 2020

The rupee weakened further on Tuesday due to dollar purchases by banks on behalf of oil marketing companies in the backdrop of Brent crude oil becoming dearer.

The unit declined about 16 paise to close at 75.5225 per dollar against the previous close of 75.36. On Monday, the rupee had slumped 37 paise.

The Indian currency opened weaker at 75.4125 per dollar. In intraday trading, it saw a high of 75.1650 and a low of 75.6675.

IFA Global, in a report, said, “The Indian rupee fell sharply against the dollar in intra-day trade because foreign banks stepped in to purchase dollars on behalf of oil marketing companies due to a sharp rise in Brent crude oil prices.

“...The Indian currency fell to its lowest intra-day level since Jun 29, 2020.”

 

Published on October 12, 2021

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

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like