Forex Rate Today: Rupee Sheds 10 Paise to 67.37 Against US Dollar
The rupee weakened by 10 paise to trade at a fresh 15-month low of 67.37 against the US dollar in early trade today due to appreciation of the American currency overseas amid sustained foreign capital outflows and soaring global crude prices.
Mumbai, May 10: The rupee weakened by 10 paise to trade at a fresh 15-month low of 67.37 against the US dollar in early trade today due to an appreciation of the American currency overseas amid sustained foreign capital outflows and soaring global crude prices. This is the rupee's second straight slide, which dealers say is mostly due to demand for the US currency.
However, a higher opening in the domestic equity market capped the losses.
The dollar held firm against a basket of currencies overseas after the 10-year US bond yield rose back to the psychologically important 3 percent mark and investors looked to US consumer price data due later to show an acceleration in inflation.
The rupee had closed 19 paise lower at a 15-month low of 67.27 yesterday against the US currency following a surging demand for the dollar as crude oil prices zoomed past USD 77 per barrel level. Meanwhile, the benchmark Sensex rose by 128.08 points, or 0.36 per cent, to 35,447.43 in early trade.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)