Markets

Rupee slips 22 paise against dollar in early trade

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The benchmark BSE Sensex fell by 245.64 points, or 0.89 per cent, to 27,105.04 in initial trades.

The rupee depreciated by 22 paise to trade at over 10-month low of 62.51 against the dollar in early trade on Monday due to increased demand for the US currency from importers and a weak opening in domestic equity markets.

Forex dealers said besides fresh demand from importers for the American currency at the Interbank Foreign Exchange here, a lower opening in the domestic equity market after industrial output contracted by 4.2 per cent in October — the sharpest decline in at least two years — put pressure on the rupee.

Besides, dollar’s gains against other currencies overseas weighed on the rupee, they added.

The Indian rupee after falling to over ten-month low of 62.50 against the dollar, bounced back to end 4 paise higher at 62.29 on Friday on selling of dollars by state-run banks on behalf of the RBI.

Meanwhile, the benchmark BSE Sensex fell by 245.64 points, or 0.89 per cent, to 27,105.04 in initial trades on Monday.

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Printable version | Jan 27, 2020 8:42:34 PM | https://www.thehindu.com/business/markets/rupee-slips-22-paise-against-dollar/article6692801.ece

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