Rupee Crosses 69-Mark Against US Dollar in Early Trade, Sheds 8 Paise
According to dealers due to demand for the US currency and a lower opening in the domestic equity market, this is the rupee's third straight slide,
Representative photo. (Image: Reuters)
Mumbai: The rupee fell 8 paise to trade at 69.03 against the US dollar in early trade Friday on appreciation of the American currency overseas and sustained foreign capital outflows.
This is the rupee's third straight slide, which dealers say is mostly due to demand for the US currency and a lower opening in the domestic equity market.
With the US set to impose tariffs on Chinese goods today, investors feared it could trigger a full scale global trade war.
Yesterday, the rupee had tumbled 21 paise to fresh closing low of 68.95, following a panic demand for the US dollar coupled with savage capital flight worries.
Foreign portfolio investors (FPIs) sold shares worth Rs 159.37 crore yesterday, as per provisional data.
Meanwhile, the benchmark Sensex down by 42.34 points or 0.11 per cent, to 35,532.21 in early trade.
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