Rupee falls by 30 paise to 69.80 on sturdy greenback, rising crude costs; sell-off in home equities provides strain on home unit


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

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

Representational picture. Reuters.

At the interbank overseas trade (foreign exchange) market, the home foreign money opened increased at 69.55 per greenback, however misplaced floor through 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 % to $61.38 per barrel.

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

Meanwhile, the 10-year authorities bond yield was at 6.92 % on Friday.

Sharma additional mentioned that the essential 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.

Foreign institutional traders (FIIs) remained internet sellers within the capital markets, pulling out Rs 238.64 crore Friday, provisional knowledge confirmed.

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

Meanwhile, Financial Benchmark India Private 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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