Rupee skids 23 paise against US dollar, closes at 73.68
Business | October 30, 2018 18:21 ISTOn Monday, the rupee ended almost flat at 73.45 against the US dollar.
On Monday, the rupee ended almost flat at 73.45 against the US dollar.
On Thursday, the rupee fell 11 paise to close at 73.27. The dollar rose to a 10-week high Friday ahead of US GDP data.
Dealers attributed the rupee's fall to increased demand for the US currency from importers and sustained foreign fund outflows.
The benchmark BSE Sensex, in opening trade, on Monday, rose 321.41 points to 34,637.04.
The rupee had settled 13 paise lower at 73.61 against the US dollar on Wednesday.
Besides, dollar-selling by exporters and banks, the dollar's weakness against some currencies overseas, helped the recovery in the domestic currency.
The BSE Sensex too plunged by 584.53 points, or 1.66 per cent, to 34,584.63 in late afternoon trade.
The dollar index, which measures the greenback against six major peers, was up 0.22 percent at 95.5108 in late trading on Tuesday
Ongoing global trade war concerns and surging global crude prices caused some discomfort for the rupee and restricted the gains. Heavy month-end dollar demand from importers also weighed on the forex front.
The rupee on Wednesday rebounded by 9 paise to end at 72.60 against the dollar.
The rupee had lost 6 paise to close at 72.69 on Tuesday due to sustained demand for the American currency amid soaring crude prices.
On Monday, the local currency had ended sharply lower by 43 paise to 72.63 against the US dollar.
The domestic unit had ended 17 paise higher at 72.20 against the dollar Friday
A higher opening in the equity market supported the recovery in the rupee.
The BSE benchmark Sensex recovered by 74.68 points, or 0.19 per cent.
On Friday, the rupee had gained 34 paise to close at a one-week high of 71.84 against the US dollar.
The rupee on Monday had slumped to new record low of 72.67 a dollar in intra-day trade before closing at 72.45.
Earlier, the rupee resumed higher at 71.43 against Tuesday's closing level of 71.58 a dollar.
On Friday, the rupee had plunged by 26 pise, or 0.37 per cent, to a record low of 71 against the US currency due to worsening macroeconomic factors and heavy month-end dollar demand from importers.
On Friday, the rupee had plunged by 26 pise, or 0.37 per cent, to a record low of 71 against the US currency due to worsening macroeconomic factors and heavy month-end dollar demand from importers.
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