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Rupee opens 36 paise lower on rising demand for dollar

The rupee fell 36 paise in early trade to 72.80 compared to its last close of 72.44 against the US dollar. At 9:44 am, the currency was trading at 39 paise lower at 72.83 against the US dollar.

twitter-logo BusinessToday.In        Last Updated: November 5, 2018  | 09:56 IST
Rupee opens 36 paise lower on rising demand for dollar

The Indian currency opened lower in trade today amid increased buying of the greenback by exporters, halting its two day gains of over 100 paise in the previous two sessions. The rupee fell 36 paise in early trade to 72.80 compared to its last close of 72.44 against the US dollar.

At 9:44 am, the currency was trading at 39 paise lower at 72.83 against the US dollar. The rupee has lost over 14% in value since the beginning of this year.

Meanwhile oil prices fell as US granted Iran sanction waivers to eight importers. US sanctions against Iran's fuel exports started today but Washington allowed temporary waivers to key buyers. Also rise in global supply offsets most of Iran sanctions. Brent crude futures were at $72.39 per barrel on Monday, down 44 cents, or 0.6 percent from their last close.

Domestic institutional investors (DIIs) made purchases worth a net of Rs 852.99 crore, while foreign institutional investors (FIIs) sold shares to the tune of Rs 196.90 crore on Friday, provisional data showed.

The BSE Sensex was trading lower by 5 points to 35,006 level and Nifty was down 5 points to 10,547 level.

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