Rupee falls by 30 paise to 69.80 on strong dollar, rising crude prices; sell-off in domestic equities adds pressure on domestic unit

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Mumbai: The Indian rupee on Friday fell by one other 30 paise to shut at 69.80 in opposition to the US forex as strengthening dollar and rising crude oil costs stored buyers cautious.

Moreover, weak Asian currencies and an intense sell-off in home equities additionally put stress on the home forex. On a weekly foundation, the rupee noticed a fall of 34 paise.

 Rupee falls by 30 paise to 69.80 on strong dollar, rising crude prices; sell-off in domestic equities adds pressure on domestic unit

Representational picture. Reuters.

On the interbank overseas trade (foreign exchange) market, the home forex opened increased at 69.55 per greenback, however misplaced floor in the course of the day and fell to 69.85. The rupee lastly settled at 69.80, down 30 paise over its earlier shut.

The rupee had settled at 69.50 in opposition to the US greenback on Thursday.

“The rupee weakened for a second day against US dollar, taking cues from the other Asian currencies,” mentioned V Okay Sharma, head-PCG & capital market technique, HDFC Securities.

Brent crude futures, the worldwide oil benchmark, climbed 0.11 p.c to $61.38 per barrel.

The greenback index, which gauges the dollar’s power in opposition to a basket of six currencies, rose 0.10 p.c to 97.11.

In the meantime, the 10-year authorities bond yield was at 6.92 p.c on Friday.

Sharma additional mentioned that the vital occasion to be careful for the subsequent week is US Federal Open Market Committee (FOMC) assembly, scheduled on 18 and 19 June.

“Though Fed interest rate probability don’t expect any change in the June meeting, pricing a cut in July meet,” he mentioned.

Overseas institutional buyers (FIIs) remained web sellers within the capital markets, pulling out Rs 238.64 crore Friday, provisional information confirmed.

Benchmark indices settled for the day within the unfavourable territory. The BSE Sensex closed at 39,452.07, down by 289.29 factors, or 0.73 p.c. The broader NSE Nifty tumbled 90.75 factors, or 0.76 p.c, to complete at 11,823.30.

In the meantime, Monetary Benchmark India Personal Ltd (FBIL) set the reference fee for the rupee/greenback at 69.3579 and for rupee/euro at 78.3740. The reference fee for rupee/British pound was mounted at 88.0207 and for rupee/100 Japanese yen at 64.03.

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