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Rupee falls below 70 mark; closes 52 paise lower on dollar demand, rise in crude oil price

BusinessToday.In     January 8, 2019

The rupee fell below the 70 level per dollar in trade today on strong demand for dollar from importers and banks. The currency closed 52 paise lower at 70.20 compared to the Monday's close of 69.68 to the dollar. The Indian currency opened 12 paise lower against the dollar in trade today. It started the day at 69.80 level per dollar.

The rupee clocked a 9.23 per cent fall during 2018 after witnessing its one of the tumultuous years in the recent past. The currency depreciated by a whopping 509 paise, or 9.23 per cent, as compared to 2017-end level of 63.87.

Meanwhile, the BSE Sensex closed higher by 130.77 points at 35,980.93, and the NSE Nifty settled 30.35 points higher at 10,802.15.

Oil prices continued their recent rally. After sinking to an 18-month low of $42.53 a barrel on December 24, the price of US crude rose for seven of the last eight trading days. Brent crude, used to price international oils, picked up 13 cents to $57.46 per barrel after rising 0.5 percent in London.

Edited by Aseem Thapliyal

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