Rupee low as dollars

The rupee fell to an all-time low versus the dollar in early trading on Tuesday, owing to continued foreign investment outflows and rising global crude oil prices.

This comes after the Sensex gained for the second day in a row on Tuesday.

In early trade, the rupee slipped 14 paise to 77.69 against the US dollar.

On Friday, the rupee gave up its early gains and fell 5 paise to 77.55 per dollar, a new lifetime low, as inflation fears and the strength of the US dollar weighed on the local currency.
The rupee stabilised in a limited range, according to forex dealers, as regional currency weakness and dismal economic data weighed on the home currency, while the Reserve Bank of India intervened (RBI) restricted the losses.

On a weekly basis, the rupee has depreciated 65 paise on the back of a stronger dollar index, risk-off sentiment and foreign fund outflows.

The rupee has lost 65 paise in a week due to a stronger dollar index, risk-off attitude, and outflows of foreign funds.

Meanwhile, ahead of their quarterly earnings releases, telecom operator Bharti Airtel and refiner Indian Oil Corp surged 0.3 percent and 1%, respectively, on Tuesday.

Despite investor concerns that the global economic recovery may be more weak than expected, Asian stocks rose.

By 12news World

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