Rs  snaps 6-day rise, settles 10 paise down

| | Mumbai
  • 0

Rs  snaps 6-day rise, settles 10 paise down

Thursday, 14 February 2019 | PTI | Mumbai

Snapping its six-day winning run, the rupee on Wednesday settled 10 paise lower at 70.80 against the US dollar amid rising crude prices and heavy foreign fund outflows.

Forex traders said dollar buying by oil importers and strengthening of the greenback against major currencies overseas weighed on the domestic unit.

At the Interbank Foreign Exchange (forex) market, the rupee opened on a strong footing at 70.48 and rose further to touch the day’s high of 70.40.

However, it pared the initial gains and finally closed at 70.80 per dollar, down by 10 paise against its previous close.

The rupee had surged 48 paise to end at a one-month high of 70.70 against the US dollar Tuesday. In the last six trading sessions, the rupee had gained a hefty 110 paise.

“Dollar buying by the state-run banks on behalf of oil importers has dragged the rupee lower from the day’s high of 70.40,” HDFC Securities Head, PCG and Capital Markets Strategy, V K Sharma said.

Sharma further noted that crude oil prices are on an uptrend on expectation of lower supply by the Organization of the Petroleum Exporting Countries (OPEC) and this could also weigh on the domestic currency in the short term.

Brent crude, the global oil benchmark, was trading at $63.46 per barrel, higher by 1.67 per cent.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.09 per cent to 96.79.

Extending its fall for the fifth consecutive session, the BSE Sensex gave up early gains to end 120 points lower Wednesday. In similar movement, the NSE Nifty fell below 10,800 and settled 37.75 points, or 0.35 per cent, lower at 10,793.65.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 676.63 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 713.10 crore Wednesday, provisional data showed.

 

Sunday Edition

CAA PASSPORT TO FREEDOM

24 March 2024 | Kumar Chellappan | Agenda

CHENNAI EXPRESS IN GURUGRAM

24 March 2024 | Pawan Soni | Agenda

The Way of Bengal

24 March 2024 | Shobori Ganguli | Agenda

The Pizza Philosopher

24 March 2024 | Shobori Ganguli | Agenda

Astroturf | Lord Shiva calls for all-inclusiveness

24 March 2024 | Bharat Bhushan Padmadeo | Agenda

Interconnected narrative l Forest conservation l Agriculture l Food security

24 March 2024 | BKP Sinha/ Arvind K jha | Agenda