Business

Rupee logs 1st fall in three days

Mumbai, Aug 9 (PTI): | Publish Date: 8/10/2018 3:42:48 AM IST

Snapping its two-day rally, the rupee Thursday ended lower by 5 paise at 68.68 against the US dollar on renewed buying interest for the American currency even as domestic equities remained in a triumphant mode.

Escalating trade war and sanctions dominated headlines and continued to play a critical role in driving the forex market sentiment after the US imposed fresh tariffs on imported goods from China and sanctions against several other nations.

The Indian currency had appreciated by a whopping 25 paise in the last two days.

Tail-end dollar demand from banks and importers largely offset early steep gains from lower crude oil prices and a recovery in the Chinese yuan.

The home currency touched a fresh one-week high of 68.45 in mid-morning deals before retreating.

Emerging markets currencies also witnessed turmoil. The Chinese yuan was trading higher at 6.83 against the dollar after data showed China’s consumer inflation index rose by 2.1 per cent in July.

Meanwhile, equity benchmarks Sensex and Nifty ended at fresh life-time highs for yet another session today, powered by unabated buying by participants on stellar corporate earnings.

Earlier, the rupee resumed with a gap-up at 68.48 from Wednesday’s close of 68.63 at the Interbank Foreign Exchange (forex) market on steady dollar selling by exporters. It later hit a session high of 68.45 in mid-morning deals before eventually pulled back to a low of 68.71 before finally settling the day at 68.68, showing a modest loss of 5 paise, or 0.07 per cent.

The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 68.6240 and for the euro at 79.6327.

 

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