Rupee fall continues, closes above 74 per US dollar for first time ever

By: |
Updated: Oct 08, 2018 5:23 PM

The rupee ended the day at 74.06 versus US dollar on Monday, touching a new record low.

iip, inflation, stocks, stock marketOn Friday, the rupee had touched a record low of 74.22 per dollar.

Rupee fall continues: The rupee ended the day at 74.06 versus US dollar on Monday, touching a new record low. The domestic currency had opened lower at 73.95 versus dollar today after the RBI on Friday kept the repo rate unchanged but changed the stance from Neutral to “Calibrated Tightening.” The rupee on Friday closed at 73.77.

On Friday, the rupee had touched a record low of 74.22 per dollar. The forex dealers said the dollar’s strength against major global currencies weighed on the sentiment of  rupee.

Just after the  China’s central bank eased its domestic policy to support the economy, the US dollar gained strength. On Sunday, the China’s central bank said  it was cutting down the reserve requirement rations (RRRs) by 1 percent from October 15 which will infuse a net $109.2 billion in cash into the banking system.

It comes amid a deepening trade war with the US that has surged pressure on growth in the world’s second largest economy.

Sensex, Nifty

Meanwhile, the 50-scrip BSE Sensex traded within a range of more than 660 points and closed 97.39 points or up 0.28 percent at 34,474.38 points.

The Nifty held on to the 10,300 levels and closed a tad below the 10,350-mark at 10,348.05 points, up 31.60 points or 0.31 percent.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Stocks in focus: RailTel, IRCON, Yes Bank, Bharti Airtel, HDFC to remain on investors’ radar
2Buy these two stocks with strong support on charts; Nifty’s medium-term uptrend remains intact
3Sensex, Nifty in for a jittery session as bond yields rise? 5 thing to know before opening bell