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Rupee falls 50 paise to 70.08 against US dollar in early trade

Press Trust of India  |  Mumbai 

The depreciated by 50 paise to 70.08 against the US in early trade Monday at the interbank foreign exchange amid strengthening of the US against some currencies overseas.

Forex traders said besides increased demand of the US from importers, the dollar's strength against some currencies overseas weighed on the but a higher opening of the domestic equity markets, capped the losses.

The opened lower at 69.87 against the then dropped further to quote at 70.08, down 50 paise over its previous close.

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

The benchmark BSE Sensex opened over 250 points higher Monday on positive global cues after US and his Chinese counterpart ended the trade war and agreed to a truce.

The 30-share index was trading 132.25 points, or 0.37 per cent, higher at 36,326.55. In similar movement, the was trading 30.80 points, or 0.28 per cent, up at 10,907.55.

Forex traders said a rise in and foreign fund outflows also weighed on the domestic

On net basis, foreign funds sold shares worth Rs 332.62 crore, while purchased share to the tune of Rs 1,489.65 crore Friday, provisional data showed.

Globally, Brent crude, the international benchmark, was trading 4.78 per cent up at USD 62.30 per barrel.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 09:50 IST
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