Rupee Drops To 69.73 Mark Against Dollar

The rupee moved lower against the US dollar on Tuesday. After opening 14 paise lower at 69.65 against the greenback, the rupee dropped to an intraday low of 69.73, amid crude oil prices holding near the $70 a barrel mark and jittery movement in the domestic equity markets. A rebound in the dollar from multi-week lows on the back of simmering US-China trade tensions put pressure on the rupee in the forex market. Analysts expect some volatility in the rupee ahead of the GDP data due this week.

The dollar index - which gauges the greenback against six major peers overseas - was last seen trading with a gain of 0.2 per cent, after touching its lowest since May 16 on Friday.

Crude oil prices held near the $70-per-barrel mark. Supply cuts, led by producer club OPEC (Organization of the Petroleum Exporting Countries), and US sanctions on fuel exports from Iran and Venezuela supported the oil markets, while concerns about an economic slowdown weighed.

Brent crude futures, the international benchmark for oil prices, were last seen at $69.99 per barrel, down 0.2 per cent from the previous close. The Brent crude futures had risen 2.1 per cent on Monday.

Supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and political tensions in the Middle East have supported international oil prices.

The rupee was last seen trading at 69.68 against the dollar, down 17 paise or 0.24 per cent compared to the previous close.

Till Monday, the rupee had appreciated 0.73 per cent against the dollar so far this month.

(With agency inputs)