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Rupee Gives Up Gains To Close At 1-Week Low Against Dollar

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Rupee-dollar (INR-USD) rate today: The rupee traded in the range of 68.72-68.27 against the US dollarThe rupee could not sustain intraday gains and closed 27 paise lower at 68.70 against the US dollar on Thursday.

That marked the lowest closing level for the rupee since July 25.

The rupee had hit 68.26, its highest level against the greenback in a month, during Thursday's session.

The lower closing for the rupee came a day after the Reserve Bank of India (RBI) hiked the repo rate - the key interest rate at which it lends short-term money to commercial banks - by 25 basis points to 6.5 per cent. Here are five things to know about the rupee's movement against the US dollar today:1.

The rupee gained earlier on Thursday, touching 68.26 against the US dollar - a level last seen on June 26.

The losses for the currency came amid a rise of 0.4 per cent in the dollar against a basket of currencies and a plunge in domestic equities.2.

Domestic stock markets declined for a second straight session, with the BSE Sensex closing 356 points lower at 37,165 and the NSE Nifty falling 101 points to end at 11,244.

2.

Other than the RBI action on key interest rate dragging the rate-sensitive stocks lower, investor sentiment was affected by escalating China-US trade concerns, according to analysts.3. US officials confirmed a proposal to raise tariffs on $200 billion worth of Chinese imports from 10 per cent to 25 per cent.4.

In the international oil market, crude prices extended their decline to a third straight day to trade near their lowest in two weeks.

Analysts said concerns related to oversupply pushed crude oil futures to around $72 per barrel. Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a key meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once US sanctions come into force later this year. ( Petrol, diesel prices raised in metros after 2 days)5.

Meanwhile, the RBI, which retained its economic growth projections for 2018-19 on Wednesday, acknowledged the appreciation of the US dollar supported by strong economic data since its June policy review.

The central bank said emerging market currencies have depreciated against the US dollar over the last month.(With agency inputs)




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