STOCK MARKET BSE NSE

Rupee slips 4 paise to 68.79 vs USD in early trade

Forex traders said the rupee is trading in a narrow range as market participants are awaiting cues from the Federal Open Market Committee meeting on July 31.

Published: 30th July 2019 10:26 AM  |   Last Updated: 30th July 2019 10:26 AM   |  A+A-

Foreign Direct Investment, money, dollar, Indo-US

Image used for representational purpose only (Photo | PTI)

By PTI

MUMBAI: The rupee opened on a weak note and declined by 4 paise to 68.79 against the US dollar in opening trade on Tuesday, amid sustained foreign fund outflows and rising crude oil prices.

Forex traders said the rupee is trading in a narrow range as market participants are awaiting cues from the Federal Open Market Committee (FOMC) meeting on July 31.

Moreover, strengthening of the US dollar vis-a-vis other currencies overseas kept pressure on the Indian rupee, they added. The rupee opened weak at 68.73 at the interbank forex market and then fell further to 68.79, down 4 paise over its last close. The rupee had settled at 68.75 against the US dollar on Monday.

Besides, market participants are also looking forward to the US and China trade talks, which can impact rupee movement. The US and Chinese officials are restarting negotiations in Shanghai on Tuesday in an effort to resolve the year-long trade dispute.

Meanwhile, a positive opening in domestic equities supported the local unit and restricted the fall.Brent crude futures, the global oil benchmark, rose 0.49 per cent to USD 64.02 per barrel. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 704.42 crore on Monday, as per provisional data.

Domestic bourses opened on a positive note day with benchmark indices Sensex trading 252.30 points up at 37,942.91 and Nifty up 74.35 points at 11,263.55.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp