Markets

Rupee slips 13 paise to 69.05 against USD in early trade

Photo for representation.

Photo for representation.   | Photo Credit: C. Venkatachalapathy

The Rupee opened on a weak note and declined by 13 paise to 69.05 against the U.S. Dollar in opening trade on July 23, amid sustained foreign fund outflows and rising crude oil prices.

Forex traders said, strengthening of the U.S. Dollar vis-a-vis against other currencies overseas kept pressure on the Indian Rupee.

The Rupee opened weak at 68.98 at the interbank Forex market and then fell further to 69.05, down 13 paise over its last close.

The Rupee had settled at 68.92 against the U.S. dollar on July 22.

Traders said, market participants are not very hopeful about large-scale easing by the Reserve Bank, following RBI Governor Shaktikanta Das’s statement, wherein he said a change in monetary policy stance effectively equates to an additional 25-bps rate cut.

However, a positive opening in domestic equities supported the local unit and restricted the fall.

Going ahead, global cues like ECB meeting on July 25, the US Q2 preliminary GDP print on July 26 and the FOMC meeting on July 31, are expected to impact rupee movement, traders said.

Brent crude futures, the global oil benchmark, rose 0.13% to USD 63.34 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out ₹1,916.91 crore on Monday, as per provisional data.

Domestic bourses opened on a positive note day with benchmark indices Sensex trading 50.03 points up at 38,081.16 and Nifty up 13.55 points at 11,359.75.

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Printable version | Feb 18, 2020 12:19:36 PM | https://www.thehindu.com/business/markets/rupee-slips-13-paise-to-6905-vs-usd-in-early-trade/article28668237.ece

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