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Rupee Slips To 71.44, Falls By 16 Paise Against US Dollar

HARSH RANJAN | 0
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| January 22 , 2019 , 21:17 IST

The rupee slept down by 16 paise and fell to Rs. 71.44 per US dollar on Tuesday. Its the third straight session of loss amid strengthening of the greenback and heavy selling in domestic equities.

The rupee has now lost 41 paise in three days.

"Rupee continued to trend down for the third day on global growth concerns. IMF predicted global economy will grow at the weakest pace in three years in 2019 and warned fresh trade tensions would spell further trouble."

VK Sharma, Head PCG and capital markets strategy, HDFC securities said, "the benchmark 10-year bond yield held steady around yesterday's level of 7.30 per cent. So far this month, the rupee has declined 1.87 per cent, while overseas funds sold $554.5 million in equity and $193.10 million in debt segments."

Worries about slower global growth, little progress in US-China trade talks and US federal government shutdown triggered safe-haven buying and helped the greenback and Japanese yen trade higher. The dollar index headed higher for the sixth day, its longest streak after October 2018, he added.

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

Brent crude, the global oil benchmark, was trading lower at $61.51 per barrel, down by 1.96 per cent.

Forex traders said Concerns over slowing global growth and foreign capital outflows weighed on the local unit.

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