Finance
The rupee fell 9 paise for the second straight session on Tuesday, reaching a fresh low of 85.20 (provisional) vs the US dollar, pressured by a strong greenback against major crosses overseas and sluggish local stocks.
According to analysts, increasing demand for the dollar owing to month-end payment obligations, as well as concerns about an aggressive import tax imposed by the Donald Trump administration in the United States, strengthened the greenback.
Furthermore, rising crude oil prices pushed the currency down further, they said.
During intraday trading, the rupee opened at 85.10 against the US dollar and fell as low as 85.21. The currency finally concluded the session at a new low of 85.20 (provisional) against the dollar, down 9 paise from the previous close.
On Monday, the rupee fell 7 paise to 85.11 against the US dollar.
Meanwhile, the dollar index, which measures the strength of the US dollar against a basket of six currencies, was up 0.11 percent at 107.93, boosted by rising US Treasury yields and concerns over the US Federal Reserve’s delayed interest rate decreases.
Brent crude, the global oil standard, increased 0.69% to $73.13 per barrel in futures trading.
The 30-share BSE Sensex closed down 67.30 points, or 0.09 percent, at 78,472.87 points, while the Nifty lost 25.80 points, or 0.11 percent, to 23,727.65 points.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Monday, selling shares worth Rs 168.71 crore, according to exchange data.
Source: IE
