Markets

Rupee falls against US dollar in early trade

Indian rupee. File

Indian rupee. File   | Photo Credit: V. Sudershan

At the interbank forex market, the rupee opened lower at 69.11 and weakened further to 69.17 on increased demand from importers.

The rupee fell 19 paise to 69.15 against the US dollar in early trade on Wednesday after crude price rose to a four-month high in global market amid increased demand for the American currency from importers.

At the interbank forex market, the rupee opened lower at 69.11 and weakened further to 69.17 on increased demand from importers. However, it recovered partially to quote 15 paise down at 69.15 against the dollar.

Forex dealers said crude price surge to a four-month high of $67.47 per barrel overseas weighed on the Indian unit, but weakness in the dollar against a basket of currencies limited the fall.

Halting its six-day winning run, the Indian rupee Tuesday edged lower by 43 paise to close at 68.96 against the US dollar on emergence of demand for the greenback from importers.

Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 2,132.36 crore on a net basis Tuesday, provisional data showed.

The benchmark BSE Sensex gained 28.74 points, or 0.07 per cent, to 38,392.21 in early deals.

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Printable version | Jun 3, 2020 9:01:09 PM | https://www.thehindu.com/business/markets/rupee-falls-against-us-dollar-in-early-trade/article26587448.ece

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