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  Business   Market  20 Jun 2017  Rupee softens 10 paise against US dollar

Rupee softens 10 paise against US dollar

PTI
Published : Jun 20, 2017, 10:28 am IST
Updated : Jun 20, 2017, 10:28 am IST

US currency's increasing appeal among importers and banks led to foreign capital outflows.

Dollar's strength in overseas ipacted rupee's trade.
 Dollar's strength in overseas ipacted rupee's trade.

Mumbai: The rupee weakened 10 paise to 64.53 against the US dollar today on lurking fears that the US Fed is not done with raising borrowing costs, which would trigger capital flight from emerging countries, including India.

The US currency's increasing appeal among importers and banks led to foreign capital outflows.

 

According to traders, the dollar's strength against some currencies overseas on Fed's plan to stick to hiking rates pushed down the rupee.

A higher opening in the domestic equity market salvaged the situation for the rupee to an extent though, they said.

Yesterday, the rupee had ended flat at 64.43 against the US currency in a fairly range-bound trade.

Meanwhile, the benchmark Sensex rose further by 80.96 points, or 0.25 per cent, to 31,392.53 in the opening trade today.

Tags: rupee, us dollar, rupee dollar exchange, forex, foreign exchange
Location: India, Maharashtra, Mumbai (Bombay)