Rupee strengthens 20 paise to 69.75 against dollar in opening trade
Business | December 31, 2018 10:36 ISTForex traders said weakening of the US dollar against some currencies overseas aided the local unit.
Forex traders said weakening of the US dollar against some currencies overseas aided the local unit.
At the Interbank Foreign Exchange, the rupee opened sharp lower at 70.27 a dollar against the previous close of 70.06. The domestic unit moved in a tight range of 70.31 to 70.22 in the morning trade.
Forex traders said strength in the US dollar against some currencies overseas weighed on the local unit.
At the Interbank Foreign Exchange, the rupee opened weak at 72.10 against the US dollar, then depreciated further to 72.17, showing a decline of 32 paise over its previous closing.
Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.
The rupee opened lower at 70.88 per dollar against and dropped further to quote at 70.89, 10 paise down over its previous close.
At the Interbank forex market, the rupee opened with strength at 72.81 and advanced to 72.60 against the dollar, showing a rise of 29 paise over its previous close of 72.89.
Forex traders said besides increased demand for the US currency from importers, the dollar's strength against some currencies overseas weighed on the domestic unit.
The rupee recovered 21 paise to 72.91 against the US dollar early on Tuesday on increased selling by exporters.
The rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market Monday on foreign fund outflows.
The rupee rebounded 11 paise to 73.84 against the dollar in early trade on Thursday on increased selling of the American currency by exporters.
The rupee dropped by 40 paise to 74.08 against the US dollar in early trade on Wednesday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.
The rupee recovered by 14 paise to 73.33 against the US currency in early trade on Monday, on fresh dollar selling by exporters and higher opening in the domestic equity markets.
After opening lower at 73.33, rupee weakened further to quote at 73.35 against the dollar registering a fall of 19 paise.
The rupee recovered by 42 paise to 73.15 against the US currency in early trade on Wednesday on fresh dollar selling by exporters amid easing crude oil prices and higher opening in the domestic equity markets.
Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.
The domestic currency failed to sustain the momentum after Brent crude breached the USD 84 per-barrel-mark again and the US dollar strengthened overseas.
The Indian rupee closed at 74.07 (74.0650) per US dollar, 30 paise weaker than its previous close of 73.77.
The rupee opened positive at 72.50 against Thursday's closing level of 72.59 a dollar at the interbank foreign exchange market in Mumbai.
The rupee Thursday plunged to new record low of 72.11 a dollar in intra-day trade before closing at 71.99, showing a steep 24 paise fa
Top News
Latest News