Rupee falls 30 paise to 70.47 per US dollar in early trade; hits fresh 2-week low

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Updated: January 3, 2019 4:33:37 PM

Rupee vs dollar: The domestic currency opened 12 paise weaker on Thursday at 70.29 per US dollar, after crashing about 75 paise to close at 70.17 against the US dollar on Wednesday.

Rupee dropped for the second consecutive session on Thursday, hitting a fresh two-week low. (File)

Rupee vs dollar: Indian rupee dropped for the second consecutive session on Thursday, hitting a fresh two-week low, due to strong dollar against major global currencies overseas and heavy selling in domestic equities. The domestic currency opened 12 paise weaker on Thursday at 70.29 per US dollar, after crashing about 75 paise to close at 70.17 against the US dollar on Wednesday.

At 9:35 AM (IST), the domestic unit was trading at 70.47 per US dollar, after touching an intraday low of 70.52 per US dollar and an intraday high of 70.29 per US dollar, according to data available with the Bloomberg website.

It may be noted that the domestic unit started the new year 2019 on a positive note as it built up gains of the earlier two sessions and added another 34 paise on Tuesday to close the day at 69.43 per US dollar, which has been under pressure in the recent past.

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Meanwhile, the domestic stock markets–Sensex and Nifty–opened lower on Thursday morning, tracking weak global cues. The Sensex is down about 85 points to 35,805.65, while the Nifty is nearing the 10,750 mark.

Wall Street edged higher on Wednesday after stumbling out of the starting gate on the first trading day of 2019, while fears of a global economic slowdown were exacerbated after Apple cut its holiday-quarter revenue forecast, said the Reuters report.

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