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Rupee Falls Again, Slips Down By 37 Paise Against US Dollar

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| December 21 , 2018 , 17:01 IST

The Indian Currency slept down by 37 paise to 70.07 against the US dollar in early trade on Friday amid strengthening of the US dollar against some currencies overseas and foreign fund outflows.

The rupee opened lower at 69.93 against the dollar, 37 paise down over its previous close and dropped further to quote at 70.07.

On Thursday the domestic currency appreciated by 69 paise to close at 69.70 against the US dollar. Traders said a lower opening in the domestic equity market, rising crude prices and foreign fund outflows put additional pressure on the local unit.

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee.

Globally, Brent crude, the international benchmark, was trading 1.27 per cent higher at USD 55.04 per barrel.

ALSO READ: Rupee Gains 9 Paise Against US Dollar In Early Trade

Foreign funds pulled out Rs 386.44 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 87.96 crore Thursday, provisional data showed.

The 30-share index fell 31.70 points, or 0.09 per cent, to trade at 36,399.97. In a similar movement, the NSE Nifty was trading 12 points, or 0.11 per cent, lower at 10,939.70.

The rupee had rallied by a whopping 112 paise, its best single-day gains in over five years, to settle at 70.44 against the US dollar on December 18. It was the third straight session of gains for the domestic unit, during which it rallied by a hefty 151 paise.