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Rupee Slips To 69.70, Falls By 27 Paise Against US Dollar In Early Trade

HARSH RANJAN | 0
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| January 2 , 2019 , 16:34 IST

The rupee slept down by 23 paise and fell to 69.70 per US dollar in early trade on Wednesday.

Strengthening of the American currency and lower opening in domestic equities was the reason behind rupee's downfall.

Brent crude, the global benchmark was trading lower at 53.59 per barrel, lower by 0.58 per cent. This capped the losses of the local unit.

Forex traders said sustained foreign fund outflows also weighed on the local unit. However, lower crude oil prices capped the losses.

At the Interbank Foreign Exchange, the rupee opened weak at 69.60 then fell further to 69.70 against the American currency, down 27 paise over its previous closing price.

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

On Tuesday, Reserve Bank of India (RBI) said that it would allow commercial banks to restructure loans to such companies in default but standard category under certain conditions in its bid to support troubled small- and medium-sized companies.

In 2018, the rupee was heavily dented. The currency fell by 9.23 per cent against the US dollar at 69.77 from its previous close of 63.87 at the end of 2017, making it the worst-performing Asian currency of the year, media reported.