Markets

Rupee slips 13 paise to 71.93 against U.S. dollar on higher crude oil prices

Representational image. File

Representational image. File   | Photo Credit: V. Sudershan

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Forex traders said escalation in geopolitical tensions could continue to keep the domestic unit down

The rupee plunged 13 paise to settle at 71.93 against the U.S. currency on Monday, mainly weighed down by the spike in global crude oil prices as escalating U.S.-Iran tensions fanned fresh fears of conflict in the Middle East.

Forex traders said escalation in geopolitical tensions could continue to keep the domestic unit down.

At the interbank foreign exchange, the rupee opened weak at 72.03 against the U.S. dollar. During the day, the domestic unit touched a low of 72.11.

The local unit recovered some lost ground and finally closed at 71.93 against the U.S. dollar, lower by 13 paise over its previous closing.

The rupee on Friday had closed at 71.80 against the U.S. dollar.

This is the third straight session of loss for the domestic currency, during which it has lost 71 paise.

Meanwhile, Brent futures, the global oil benchmark, rose 1.49 per cent to $69.62 per barrel.

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Printable version | Jan 21, 2020 4:38:44 AM | https://www.thehindu.com/business/markets/rupee-slips-13-paise-to-7193-against-us-dollar-on-higher-crude-oil-prices/article30494362.ece

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