Rupee sinks to new low of 70.52, slumps 42 paise against US dollar
The rupee today collapsed to a lifetime low of 70.52 by plunging 42 paise against the dollar on strong month-end demand for the American currency amid foreign fund outflows
)
05:08 PM IST
The rupee today collapsed to a lifetime low of 70.52 by plunging 42 paise against the dollar on strong month-end demand for the American currency amid foreign fund outflows. Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure. At the interbank foreign exchange market, the rupee opened lower at 70.32 a dollar against 70.10 previously and dropped further to a new low of 70.52 in late morning deals, down by 42 paise.
Furthermore, dollar's strength against some currencies overseas also put pressure on the rupee, dealers said. Overseas, the US dollar inched higher against basket of currencies in early Asian trade, after dipping to a four-week low overnight. Relief over the US-Mexico trade deal was dimmed by concerns that the China-US trade war will drag on for some time.
A sharp surge in trade deficit too impacted the rupee. Trade deficit soared to a near five-year high of USD 18 billion. Yesterday, the local currency had bounced back in a tepid fashion from the record closing low, gaining 6 paise to end at 70.10 against the US currency.
Meanwhile, the 30-share BSE Sensex, after hitting an all-time record high of 38,989.65 in early trade, slipped into the negative zone by falling 53.84 points, or 0.12 per cent, to 38,842.79 at 1130 hours.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
7 Stocks to buy for long term: Analysts recommend largecap, midcap stocks; Axis Bank, Ambuja Cements on the list
)
Top 5 Largecap Mutual Funds With up to 42% Return in 3 Months: Rs 22,222 SIP investment in top-performing fund has jumped to Rs 70,440
)
Power of Rs 10,00,000 One-time Investment: How your Rs 10 lakh investment can turn into Rs 3 crore, Rs 4.47 crore, and Rs 6.63 crore in 30 years
)
8th Pay Commission Pension Calculations: How your Rs 20,200, Rs 25,250, Rs 34,000, and Rs 44,200 basic pension can be revised at 2.10-2.50 fitment factors (detailed charts)
)
How a 29-KM expressway transformed Gurugram’s real estate; these 4 areas are now hotspots for millionaires
)
8th CPC Salary Calculations: What can be revised basic pay for Grade Pay 1800, 2400, 2800 and 4200 employees at 1.92, 2.08 and 2.28 fitment factors?
)
Power of Rs 13,000 SIP: How many years will it take to generate Rs 9,00,00,000 corpus with just Rs 13,000 monthly investment?
05:08 PM IST