Raghuram Rajan exit: Rupee pares initial losses, still down 29 paise vs USD

In overseas trade, oil prices extended gains in Asia on the back of a weaker US dollar and easing fears of UK's exit from the European Union.

By: PTI | Mumbai | Updated: June 20, 2016 8:43 pm
Indian rupee, rupee news, rupee today, exchange rate, exchange rate news, Bombay Stock Exchange, Sensex, closing Sensex, Sensex today, Today Sensex, Today Markets, Markets today, Markets, Asia markets, India markets, BSE, NSE, Nifty, Business news, Stock price today, Stock prices, Markets live, Market news, FMCG, Japan, China, Hang Seng, Nikkei, Shanghai, Shanghai Composite Index, Dow Jones Rupee fell by 61 paise to 67.69 against the US dollar in the opening trade today following RBI Governor Rajan’s announcement on Saturday.

The rupee pared its initial losses, but was still trading down by 29 paise at 67.37 against the American currency in late morning deals after RBI Governor Raghuram Rajan said no to a second term in the post.

Sustained bouts of dollar demand from banks and importers amid bearish US dollar overseas also weighed on the rupee.

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The Indian unit opened sharply lower by 57 paise at 67.65 against last Friday’s closing level of 67.08 at the Interbank Foreign Exchange (Forex) market.

The domestic unit hovered in a range of 67.70 and 67.32 during the morning deals before quoting at 67.37 at 1040 hrs.

WATCH VIDEO: RBI Governor Raghuram Rajan Delivers The First RNG Lecture

 

 

The dollar index was trading down 0.48 per cent at 93.48 against a basket of six currencies in the early trade.

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In overseas trade, oil prices extended gains in Asia on the back of a weaker US dollar and easing fears of UK’s exit from the European Union.

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The US dollar fell for the fourth day in a row early today, trading lower against most major currencies, making the dollar-priced commodity cheaper for those using other currencies and pushing up the demand.

Meanwhile, the benchmark Sensex was trading higher by 67.19 points, or 0.25 per cent, to 26,693.10 at 1040 hrs.

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