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Rupee vs dollar: Rupee falls 21 paise to US dollar on sustained foreign fund outflows

The Indian currency opened lower at 71.00 per dollar and then fell further to 71.09, down 21 paise compared to its last close of Rs 70.88 on Friday.

twitter-logo BusinessToday.In        Last Updated: October 7, 2019  | 12:26 IST
Rupee vs dollar: Rupee falls 21 paise to US dollar on sustained foreign fund outflows
Forex traders said rising demand for the US dollar compared to other currencies overseas also weighed on the domestic currency.

The rupee fell 21 paise to 71.09 against the US dollar in opening trade on Monday as sustained foreign fund outflows weighed on investor community. Forex traders said rising demand for the US dollar compared to other currencies overseas also weighed on the domestic currency.

The Indian currency opened lower at 71.00 per dollar and then fell further to 71.09, down 21 paise compared to its last close of Rs 70.88 on Friday. However, crude oil prices restricted the downfall on Indian currency. Brent crude, the international standard, slipped 22 66 cents to $58.15 per barrel.

On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 682.93 crore on Friday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 606.28 crore, provisional data available with BSE showed.

On the domestic market front, benchmark index Sensex was trading 220.22 points higher at 37,893.53 and Nifty gained 51.50 points at 11,226.25.

On Friday, Sensex closed 433 points lower at 37,673 level and Nifty ended 139 points lower at 11,174. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.03 per cent to 98.83.

With PTI inputs

Edited by Aseem Thapliyal

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