logo
 

Rupee drops 16 paise against US dollar

Tue 04 Sep 2018, 12:23:57
Mumbai: The rupee Tuesday slumped 16 paise against the dollar to trade at a life-time low of 71.37 on strong demand for the US currency.

At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise.

Forex dealers said besides strong demand for the American currency from importers, capital outflows too weighed on the domestic currency.

The dollar strengthened against some currencies overseas as investors bid up safe haven assets



amid tensions over global trade and strains in emerging market currencies.

A sharp rally in global crude prices further dampened the overall trading sentiment. Benchmark Brent crude oil was trading at USD 78.05 a barrel.

On Monday, the rupee had lost 21 paise, to close at an all-time low of 71.21 against the US dollar. Meanwhile, the BSE Sensex fell by 7.60 points, or 0.01 per cent, to 38,304.92 points in early trade.

Foreign institutional investors (FIIs) sold shares worth a net of Rs 21.13 crore on Monday, as per provisional data.



No Comments For This Post, Be first to write a Comment.
Leave a Comment
Name:
Email:
Comment:
Enter the code shown:


Can't read the image? click here to refresh

Todays Epaper

English Weekly

neerus indian ethnic wear
Latest Urdu News

Do you think Ruturaj Gaikwad would be a good captain for Chennai Super Kings?

Yes
No
Can't Say