Rupee slips to fresh 17-month low against US dollar on FII outflows, rising crude oil prices

The Indian rupee fell to a fresh 17-month low against the US dollar pressurized by higher foreign capital outflows, amid higher crude oil prices. On Wednesday, the rupee was trading at 68.39, down by 35paise against the US dollar.

The Indian rupee opened 10 paise down at 68.14 against the US dollar on Wednesday while touching a low of Rs68.29/$1, which marks the weakest level seen against the greenback since January 11, 2017. So far this year, the rupee has weakened 6.3% while foreign investors have bought $494.40mn and sold $3.97bn in equity and debt markets, respectively.

Since the beginning of April, foreign investors have sold $1.63bn and $4.22bn in domestic equity and debt markets, respectively. The dollar also strengthened against a basket of currencies as investors were also worried over the talks between the US and China. US President Donald Trump expressed displeasure over the recent trade talks between the United States and China, casting doubts over whether the historic meeting between North Korea and the US will take place as scheduled on June 12, 2018, in Singapore.

RBI’s reference rate for the dollar stood at 68.21 and for Euro stood at 80.24. While the RBI’s reference rate for the Yen stood at 61.42, the reference rate for the Great Britain Pound (GBP) stood at 93.27.

This article provided by NewsEdge.