Rupee breaches again 70-mark, falls 27 paise against US dollar
Team Udayavani, Aug 23, 2018, 11:49 AM IST
Mumbai: The rupee today fell 27 paise against the dollar to trade near 70.08 again amid strong demand for the US currency after the US Fed released minutes of its policy meet on Wednesday.
At the Interbank Foreign Exchange, the local currency opened at a low of 70.03 a dollar, down from its previous close of 69.81, and weakened further to trade at a 70.08, down by 27 paise.
Forex dealers said increased demand for the US currency from importers and its gains against other currencies overseas on expectations of rising US interest rates, put pressure on the rupee.
With the US economy continuing to grow and the job market strengthening further, many Fed members said they likely will need to raise the benchmark interest rate again “soon,” according to the minutes of the Fed policy meeting early this month. Forex market was shut on Wednesday on account of Bakri Id.
Meanwhile, the BSE benchmark Sensex rallied by 201.88 points, or 0.52 per cent, to quote at an all-time high of 38,487.63 in early trade today. The broader NSE Nifty breached the 11,600-mark for the first time.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Pune court asks police to probe bribery allegations against IT major Cognizant
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
MUST WATCH
Latest Additions
With impact player, it is getting difficult each and every day: Pant
Congress in K’taka to stage protest on Apr 28 against ‘paltry’ drought relief given by Centre
McGurk, Stubbs rock as DC beat MI by 10 runs
‘Shaurya Smarak’ of three fallen Army officers unveiled in Jammu
BJP drops Poonam Mahajan, picks 26/11 prosecutor Ujjwal Nikam from Mumbai North Central seat