Rupee falls 28 paise, closes at 2-week low

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Updated: June 15, 2019 12:16:38 AM

The rupee on Friday closed at a two-week low of 69.80 against the dollar, a fall of 28 paise against the previous close of 69.51 on Thursday, tracking the fall in Asian currencies amid rising trade worries and higher crude prices.

Rupee falls 28 paise, closes at 2-week lowRupee falls 28 paise, closes at 2-week low

The rupee on Friday closed at a two-week low of 69.80 against the dollar, a fall of 28 paise against the previous close of 69.51 on Thursday, tracking the fall in Asian currencies amid rising trade worries and higher crude prices.

Asian currencies have been under pressure amid the rising trade war between the US and Asian countries like China and India and rising geopolitical tensions between the US and Iran over attacks on tankers in the Gulf of Oman.

Chinese renminbi and the South Korean won have lost nearly 0.03% and 0.18%, respectively, since Thursday. “Retaliatory tariffs to be imposed on the US by India and China, coupled with a strong dollar index, have led to the recent fall in the rupee,” said Sajal Gupta, head – forex, Edelweiss Securities. India on Friday decided to impose tariffs on 29 US products following withdrawal of duty-free benefits for Indian exporters.

Brent crude prices have been increasing for the past two trading sessions — an increase of 2.43%, and was trading at $61.43 per barrel (bbl) on Friday. The dollar index, which pairs the dollar against a basket of six currencies, has strengthened by 0.55% in the past three trading sessions and was trading at 97.23 on Friday.

Provisional data showed that FPIs pulled out $34 million from the equity markets on Friday as markets showed a downward movement.

The most traded bond —7.17% yielding paper maturing in 2028 – closed Friday’s session at 6.92%, 9 basis point lower than the previous close on Thursday.

Benchmark indices settled in the negative territory on Friday. The Sensex closed at 39,452.07, down by 289.29 points, or 0.73%. The NSE Nifty tumbled 90.75 points, or 0.76%, to finish at 11,823.30.

Financial Benchmark India set the reference rate for the rupee/dollar at 69.3579 and for rupee/euro at 78.3740.

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