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Rupee Falls By 31 Paise To End At 70.87: 10 Things To Know
30 Sep 2019, 06:58 PM IST
- "During early trades, rupee surged to 8-week high of 70.36, however, the gains got capped by RBI intervention," Rahul Gupta, currency research head, Emkay Global Financial Services said.
- Globally risk appetite has plunged as US-China trade concerns continue to linger, analysts said.
- Mr Gupta added that "there is a possibility that US may curb investments in China. Thus, as we near October 10, any developments on US-China trade front will keep rupee under pressure." According to reports, US-China trade talks are set to resume from October 10.
- Besides, selling in domestic stock markets and unabated foreign fund outflows also weighed on the local unit on Monday.
- The Sensex ended 155 points or 0.40 per cent lower at 38,667 and the NSE Nifty 50 index declined 0.33 per cent or 38 points to close at 11,474.
- Foreign investors pulled out a net Rs 213.60 crore from domestic equities on Friday, according to exchange data.
- The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.17 per cent to 99.27.
- "Rupee shall remain in a tight range of 69.80-71.20 levels for the next few trading sessions," said Amit Pabari, managing director, CR Forex Advisors.
- "Global and domestic developments shall be closely monitored for further cues," Mr Pabari added. The central bank is scheduled to announce its next bi-monthly monetary policy on October 4.
- Brent futures, the global oil benchmark, meanwhile, dropped 1.47 per cent to $ 61.00 per barrel on Monday.
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