Rupee falls below 72 mark against US dollar for the first time in 2019

Foreign investors continued their selling spree in the Indian equities amid fading hopes of any stimulus measures by the government to arrest slowdown.

Published: 23rd August 2019 10:36 AM  |   Last Updated: 23rd August 2019 10:36 AM   |  A+A-

money, currency, economy

Image for representational purpose only. (Photo | PTI)

By PTI

MUMBAI: The rupee on Friday declined below the 72 mark against the US currency in opening session due to continued foreign fund outflows and losses in the equity markets.

The rupee fell by 22 paise to trade at a nine-month low of 72.03 against the US dollar in early session. It traded in a range of 71.93 to 72.05 to te US dollar in the early session.

A strong dollar in the overseas markets and continued foreign fund outflows weighed on the domestic currency, according to forex traders.

ALSO READ | Sensex, Nifty decline on fading hopes of stimulus package

The dollar index, which measures the US currency's strength against global peers, was up 0.15 per cent ahead of a key address by the US Federal Reserve Chairman, who is under pressure from the Trump administration to cut rates.

Foreign investors continued their selling spree in the Indian equities amid fading hopes of any stimulus measures by the government to arrest slowdown.

FPIs withdrew around Rs 900 crore from capital markets on a net basis on Thursday.

The rupee had closed at 71.81 to the US dollar on Thursday.

 

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