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Rupee Closes Lower Against Dollar After 7 Days Of Gain: 10 Things To Know

Riding on falling crude oil prices, the rupee had advanced by 220 paise - or 3 per cent - against the dollar in past seven trading sessions.

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Rupee Closes Lower Against Dollar After 7 Days Of Gain: 10 Things To Know

The rupee is down about 11% against the dollar so far this year

Breaking a winning streak of seven consecutive sessions, the rupee weakened by 18 paise to close at 70.87 against the dollar on Monday. Monday's move in the rupee marked the first time the rupee closed weaker against the dollar since November 12. Riding on falling crude oil prices, the rupee had advanced by 220 paise - or 3 per cent - against the dollar in the past seven trading sessions. Some weakness in crude oil prices on Monday dragged the rupee lower against the greenback on Monday, despite a 1 per cent gain in the domestic stock markets.
Here are 10 things to know:
  1. The rupee opened higher gained as much as 39 paise against the dollar to touch 70.30 at the day's highest point, but reversed those gains in the second half of the session.
  2. Gains in the domestic equity markets however limited the downside. The Sensex and Nifty closed 1.1 per cent and 1 per cent higher respectively, as strong buying interest witnessed in banking, information technology and FMCG stocks led the indices higher.
  3. The dollar index - which measures the greenback against six major peers - fell as much as 0.1 per cent during Monday's session.
  4. Analysts remain optimistic on the rupee among Asian peers going forward. 
  5. “The rupee could outperform its emerging market peers unless crude prices threaten to reverse. The OPEC (Organization of the Petroleum Exporting Countries) meet on 6th December will be crucial,” said IFA Global, a forex advisory firm.
  6. Crude oil prices rose although a darkening demand outlook and uncertainty over global economic growth limited gains.
  7. Brent crude futures - the global benchmark for crude oil - traded below the $60 a barrel mark on Monday evening. The day's gains partly made up for Friday's selloff, in which oil plunged nearly 7 per cent.
  8. "The rupee appears to have put in a medium term bottom, driven by the sharp drop in crude oil, decline in foreign selling and improving prospects for the domestic economy," news agency Press Trust of India cited Sunil Sharma, chief investment officer, Sanctum Wealth Management, as saying.
  9. The rupee is down about 11 per cent against the dollar so far this year. 
  10. It had closed 77 paise higher against the dollar at 70.69 on Thursday.

(With agency inputs)





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