• Rajasthan

    Cong 98
    BJP 74
    RLM 3
    OTH 24
  • Madhya Pradesh

    Cong 111
    BJP 110
    BSP 2
    OTH 7
  • Chhattisgarh

    Cong 67
    BJP 17
    JCC 6
    OTH 0
  • Telangana

    TRS-AIMIM 95
    TDP-Cong 21
    BJP 1
    OTH 2
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

Rupee back to 70 per dollar, falls 50 paise against USD

By: | Published: December 3, 2018 10:51 AM

After hitting a fresh four-month high on Friday, the rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

Notably, the rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the US currency on Friday.

After hitting a fresh four-month high on Friday, the rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas. Forex traders told PTI that increased demand of the US currency from importers, the dollar’s strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses.

Also read: Share market LIVE updates: Sensex, Nifty trade higher; Indiabulls Housing rises 5%; rupee back at 70 vs dollar

After opening lower at 69.87 against the US currency, the rupee dropped further to quote at 70.08, down 50 paise over its previous close. Notably, the rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the US currency on Friday. The domestic stock markets opened higher tracking positive global cues, especially after  US President Donald Trump and Xi Jinping ended the trade war and agreed to a truce.

Forex traders said a rise in crude oil prices and foreign fund outflows also weighed on the domestic currency. Notably, the domestic currency rupee closed below the psychological 70-mark on Thursday last week, marking the first time in three months. The psychologically-crucial level was first breached in August-2018. Interestingly, in the past few weeks, the domestic currency has gained strength due to a confluence of factors including easing  global crude oil prices and reducing inflation.

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