Rupee slips 4 paise to 68.79 against U.S. Dollar in early trade
Mumbai: The rupee opened on a weak note and declined by 4 paise to 68.79 against the U.S. Dollar in opening trade on July 30, amid sustained foreign fund outflows and rising crude oil prices.
Forex traders said the rupee is trading in a narrow range as market participants are awaiting cues from the Federal Open Market Committee (FOMC) meeting on July 31.
Moreover, strengthening of the U.S. Dollar vis-a-vis other currencies overseas kept the pressure on the Indian Rupee, they added.
The Rupee opened weak at 68.73 at the interbank Forex market and then fell further to 68.79, down 4 paise over its last close. The Rupee had settled at 68.75 against the U.S. Dollar on July 29.
Besides, market participants are also looking forward to the U.S. and China trade talks, which can impact the Rupee movement.
The U.S. and Chinese officials are restarting negotiations in Shanghai on Tuesday in an effort to resolve the year-long trade dispute.
Meanwhile, a positive opening in domestic equities supported the local unit and restricted the fall. Brent crude futures, the global oil benchmark, rose 0.49 per cent to $64.02 per barrel. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out ₹704.42 crore on Monday, as per provisional data. Domestic bourses opened on a positive note day with benchmark indices Sensex trading 252.30 points up at 37,942.91 and Nifty up 74.35 points at 11,263.55.
