Rupee falls 21 paise to record low against USD, closes above 71-mark for first time ever
Rupee drops by 21 paise against US dollar, closes above 71 points for first time
Rupee has lost 21 paise to reduce new records of 71.2137 against the US dollar on Monday. Bloomberg’s figures showed that the domestic currency closed at US $ 71.2050 versus US currency, which was charging fresh tad at its current low of 71.2050 against the US currency in order to settle Monday’s business in Monday’s business. The Indian rupee failed to survive at a higher level than the strong dollar against most foreign currencies, and a new decrease was found to regain the mark of US $ 71 / US.
The downside of the domestic stock market was also hampered in the price. The domestic stock market failed to maintain the profit of the morning and closed in negative zone on Monday, the Sensex fell nearly 380 points and the Nifty 50 index surrendered to 11,600 level in late afternoon trade. Apart from this, concerns about the rise in global oil prices, US-China trade warfare and the risks associated with infected risks of Turkey and Argentina have hindered the sentiment of the rupee.
Read also: Why Sensex, Nifty closed in negative zone on Monday
In the early trading of Monday, the rupee strengthened by 23 paise to an intra-day high of 70.77 against the US dollar against the strong growth figures for the April-June quarter of the current financial year. In the previous week, the domestic currency for the first time violated 71 points, which fell 26 paise against the US dollar during the early trading on Friday, and a record of 71.0013 was reduced. To end Friday’s session, the rupee had come back to some extent, which was closed at the lower level of 70.9950 against the greenback.
“We expect the INR to test 71.40-71.50 levels this week. The RBI intervention is very light in the market and it is positive because it should be given the market to fix the desired level of Indian Rupees rather than reducing the foreign exchange reserves. Bharti Patel, senior technical analyst at BusinessBales Securities, told EE online.
Meanwhile, the global stock market fell for the third day on Monday, in a report of Reuters, suffering from worries due to increased trade disputes between world powers and deeper sales in emerging market currencies. Dollar against a basket of rivals was consolidated to one week’s highest because tensions around global business negotiations fueled the demand for greenback, although concerns about capital flows have examined the benefits.