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Business News » India News

Rupee slumps 26 paise to 72.91 vs USD, ends near 2-week low

On Monday, The rupee tumbled 26 paise to end at a near two-week low of 72.91 against the US dollar amid a strengthening greenback and steady capital outflows.

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Rupee slumps 26 paise to 72.91 vs USD, ends near 2-week low
Indian Rupee touched a low of 72.95 on strong dollar demand, before recovering to 72.60. The rupee finally closed at 72.91, down 26 paise. Image Source: Reuters
Written By: PTI
Updated: Mon, Oct 01, 2018
06:49 pm
Mumbai, PTI
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The rupee tumbled 26 paise to end at a near two-week low of 72.91 against the US dollar Monday amid a strengthening greenback and steady capital outflows. Higher US Treasury yields, which rose above the 3 per cent mark, boosted the appeal for the dollar, analysts said.

The dollar rose to near 1-month highs against global currencies. Meanwhile, the local unit opened at 72.61, marginally higher as compared to its Friday's close of 72.65.

It touched a low of 72.95 on strong dollar demand, before recovering to 72.60. The rupee finally closed at 72.91, down 26 paise. 

Foreign institutional investors net sold shares worth Rs 1,841.63 crore Monday, provisional data showed. Meanwhile, the Reserve Bank Monday announced that it will inject Rs 36,000 crore liquidity into the system through purchase of government bonds in October to meet the festival season demand for funds.

The auctions to purchase government bonds as part of the Open Market Operations (OMO) will be conducted in the second, third and fourth week of October. Equity benchmarks snapped their three-day losing streak Monday as the RBI announced measures to shore up liquidity amid the government pressing for a change of management at the crisis-hit IL&FS.

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The 30-share BSE Sensex soared 299 points in see-saw trade to close at 36,526.14, while the NSE Nifty jumped 77.85 points to reclaim the 11,000-mark.

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TAGS:
Indian RupeeUS Dollar
RELATED NEWS
For every rupee government earns, 53 paise to come from taxes For every rupee government earns, 53 paise to come from taxes
Rupee falls 24 paise to 73.48 against US dollar in early trade Rupee falls 24 paise to 73.48 against US dollar in early trade
CURRENCY IN CIRCULATION - Rise by Rs 3.23 lakh cr in first nine months of FY21; Know what people preferred in Covid times CURRENCY IN CIRCULATION - Rise by Rs 3.23 lakh cr in first nine months of FY21; Know what people preferred in Covid times
Rupee rises 7 paise to close at 73.24 a dollar Rupee rises 7 paise to close at 73.24 a dollar
Rupee slips 4 paise to 73.11 against US dollar in early trade Rupee slips 4 paise to 73.11 against US dollar in early trade

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