Rupee declines 10 paise at 69.89/$

The Indian rupee declined 10 paise on Monday to trade at day’s low level of 69.89 against the dollar compared to its previous close of 69.81/$.

The domestic unit opened 8 paise lower at 69.87/$. At 10:35, AM, IST, the currency was trading 6 paise lower at 69.86/$.

 

The depreciation could be attributed to a strong dollar against its global peers. The American greenback spurted nearly two-week high levels on Monday as weak economic data temper investors’ appetite for safe haven assets.

 

Further, increased crude oil prices also kept Indian rupee under pressure. As per Bloomberg data, Brent crude oil rose 0.2% to $62.14/bbl and WTI gained 0.1% at $52.57/bbl. Oil prices rose on the back of escalating tensions in the Middle East, especially after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.

 

Meanwhile, equity benchmark indices were trading in the red with the Sensex declining 204 points at 39,251 levels. The Nifty dropped 69 points at 11,755 levels. 

 

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