Rupee slips 37p to 70.07 against USD in early trade
The rupee fell by 37 paise to 70.07 against the USD in early trade today amid strengthening of the USD against some currencies overseas and foreign fund outflows. Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee. The rupee opened lower at 69.93 against the dollar today and dropped further.
Domestic equity market, rising crude prices putting additional pressure: Traders
The rupee stopped at 70.07, 37 paise down over its previous close. Yesterday, it appreciated by 69 paise to close at 69.70 against the USD. Traders said a lower opening in domestic equity-market, rising crude-prices, and foreign fund outflows put additional pressure on the local unit. Globally, Brent crude, the international benchmark, was trading 1.27% higher at $55.04 (Rs. 3855.28) per barrel.
Domestic investors bought shares worth Rs. 87.96 crore yesterday
Foreign funds pulled out Rs. 386.44 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs. 87.96 crore yesterday, provisional data showed. The 30-share index fell 31.70 points, or 0.09%, to trade at 36,399.97. In a similar movement, the National Stock Exchange (NSE) Nifty was trading 12 points, or 0.11%, lower at 10,939.70.
