Markets

Rupee slips 9 paise to 71.27 against U.S. Dollar in early trade

Image for representational purposes only.

Image for representational purposes only.   | Photo Credit: PTI

The rupee opened weak at 71.26 at the interbank forex market and then fell further to 71.27, down 9 paise over its last close

The rupee opened on a weak note and declined by 9 paise to 71.27 against the U.S. Dollar in opening trade on Friday, tracking weak opening in domestic equities and foreign fund outflows.

Forex traders said weak opening in domestic equities, rising crude oil prices and foreign fund outflows dragged the local unit, but weakening of the American currency in the overseas market supported the rupee.

The rupee opened weak at 71.26 at the interbank forex market and then fell further to 71.27, down 9 paise over its last close.

The rupee had settled at 71.18 against the U.S. Dollar on Thursday.

Brent crude futures, the global oil benchmark, rose 0.31% to $55.10 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they sold shares worth ₹560.36 crore on Thursday, as per provisional data.

Domestic bourses opened on a negative note on Friday with benchmark indices Sensex trading 27.18 points down at 41,278.85 and Nifty down 24.65 points at 12,113.30.

The Dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.05% to 98.44.

The 10-year government bond yield was at 6.42% in morning trade.

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Printable version | Feb 25, 2020 12:19:38 AM | https://www.thehindu.com/business/markets/rupee-slips-9-paise-to-7127-against-us-dollar-in-early-trade/article30759242.ece

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