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Rupee Hits Low against the US dollar

INR Vs USD: The dollar strength against its rival currencies overseas too put pressure on the rupee today.

Indian rupee fell by 23 paise against the US dollar to trade at a lifetime low of 70.82, reported.

The free fall of Indian currency continued today on on strong month-end demand for the US currency amid sustained foreign fund outflows.

At the Interbank Foreign Exchange (Forex) market, the local currency opened a tad higher at 70.57 a dollar from its previous close of 70.59 but slipped to hit a fresh low of 70.82, down by 23 paise, added.

Things to know:

1. According to traders, buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows weighed on the domestic currency today.

2. The dollar strength against its rival currencies overseas too put pressure on the rupee today.

3. On Wednesday, the rupee plunged by 49 paise against the dollar to close at 70.59. That marked the steepest fall in the rupee against the greenback in about two weeks.

4. Meanwhile, the domestic stock market opened on a flat note on Thursday. The S&P BSE Sensex dropped 32.55 points to trade at 38,690.38. The broader Nifty50 fell 11.30 points to trade at 11,680.60.

5. Asian stocks surrendered earlier gains and dipped on Thursday, with Chinese markets fixed firmly on risks from the Sino-U.S. trade war and taking little comfort from an apparent easing in business tensions in North America and Europe. However, oil prices inched today, extending solid gains from the previous session on a fall in U.S. crude inventories and expected disruptions to supply from Iran and Venezuela.

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