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Rupee snaps 6-day rise, settles 10 paise down at 70.80 vs USD

Press Trust of India  |  Mumbai 

Snapping its six-day winning run, the Wednesday settled 10 paise lower at 70.80 against the US dollar amid rising crude prices and heavy foreign fund outflows.

Forex traders said dollar buying by and strengthening of the greenback against major currencies overseas weighed on the domestic unit.

At the Foreign Exchange (forex) market, the opened on a strong footing at 70.48 and rose further to touch the day's high of 70.40.

However, it pared the initial gains and finally closed at 70.80 per dollar, down by 10 paise against its previous close.

The had surged 48 paise to end at a one-month high of 70.70 against the US dollar Tuesday. In the last six trading sessions, the rupee had gained a hefty 110 paise.

"Dollar buying by the state-run banks on behalf of has dragged the rupee lower from the day's high of 70.40," Head, PCG and Capital Markets Strategy, V K Sharma said.

Sharma further noted that are on an uptrend on expectation of lower supply by the Organization of the Petroleum Exporting Countries (OPEC) and this could also weigh on the domestic in the short term.

Brent crude, the global oil benchmark, was trading at USD 63.46 per barrel, higher by 1.67 per cent.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.09 per cent to 96.79.

Extending its fall for the fifth consecutive session, the BSE Sensex gave up early gains to end 120 points lower Wednesday. In similar movement, the fell below 10,800 and settled 37.75 points, or 0.35 per cent, lower at 10,793.65.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 676.63 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 713.10 crore Wednesday, provisional data showed.

The (FBIL) set the reference rate for the rupee/dollar at 70.5547 and for rupee/euro at 79.9596. The reference rate for rupee/British pound was fixed at 91.1327 and for rupee/100 Japanese yen at 63.78.

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

First Published: Wed, February 13 2019. 18:15 IST
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