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Rupee Plummets To Over 2-Month Low Against Dollar: 10 Points

Rupee opened sharply lower at 70.16 and fell further to touch over two-month low of 70.53 at the interbank foreign exchange market

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Rupee Plummets To Over 2-Month Low Against Dollar: 10 Points

The rupee had on Friday closed at 69.92 against the US dollar.

The rupee on Monday fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US dollar, reported news agency Press Trust of India (PTI). The fall came due to persistent foreign fund outflows from Indian markets and renewed worries over rising crude oil prices. The domestic currency opened sharply lower at 70.16 and fell further to touch over two-month low of 70.53 at the interbank foreign exchange market as oil prices rose over 1 per cent in global markets.
Here are 10 things to know about rupee-dollar exchange rate today:
  1. Rupee finally settled at 70.51, down by 59 paise over its previous close. The rupee had on Friday closed at 69.92 against the US dollar. 
  2. An unabated sell-off in domestic equity markets also weighed on the domestic currency, said the PTI report citing forex dealers. 
  3. "Indian rupee plunged along with other emerging market currencies amid concerns of a drawn- out trade war. Sovereign bonds edged higher due to contraction in factory output and expectations of inflation staying below the target. This could force RBI to look for the Interest rate cut options in upcoming policy meet," PTI quoted VK Sharma, head PCG & capital markets strategy, HDFC Securities, as saying.
  4. "Rise of more than 1.5 per cent in crude prices and heavy selling in domestic equity markets also weighed on rupee during today's trade."
  5. Brent crude futures, the global oil benchmark, rose 1.57 per cent to $71.73 per barrel due to simmering tensions in the Middle East. 
  6. Saudi Arabia said on Monday that its two oil tankers were among the commercial vessels that were damaged in "sabotage" attacks in the Gulf. The UAE on Sunday said that four commercial vessels were attacked near bunkering hub Fujairah. 
  7. "Many emerging currencies weakened in the day despite positive news flow of US-China trade talks and US jobs reports allaying global growth fears. This suggests market participants have already priced in these news snippets and look to book profits in riskier assets, which are likely more sensitive to any downside," PTI quoted Rajesh Cheruvu, chief investment officer, WGC Wealth, as saying.
  8. Foreign investors remained net sellers in the capital markets, offloading shares worth Rs 1,056.01 crore Monday, provisional exchange data showed.
  9. Domestic investors kept weighing weak cues from global markets amid uncertainties around US-China trade tariff deal.     
  10. Stock markets fell for a ninth session in a row due to a sustained sell-off with the BSE Sensex crashing over 372 points and the NSE Nifty diving nearly 130 points.            (With PTI inputs)




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