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    Rupee weakens to 72 against US dollar for first time in 2019

    Synopsis

    The local currency is now set for biggest monthly fall in six years.

    ETMarkets.com
    The rupee on Friday slipped to 72-mark against the US dollar for the first time in 2019 following selloff in domestic equities amid weakness in Chinese Yuan which fell to a fresh 11-year low level.

    The currency opened 15 paise down at 71.97 against the greenback. The local currency is now set for biggest monthly fall in six years. On a month-to-date basis, it depreciated over 4.60 per cent in August and 3.10 per cent in 2019 so far.

    “A worsening of China-US tensions between now and October 1 would likely send the yuan lower -- and at this point neither side appears to be backing down,” brokerage firm Motilal Oswal Financial Services said in a report.

    Today, the focus will be on Fed Chairman's comments at the Jackson Hole Symposium. He is likely to nod to the possibility that trade tensions, which have escalated, may worsen the global economic slowdown and ultimately make more US rate cuts necessary.

    “Today, USDINR pair is expected quote in the range of 71.80 and 72.50,” Motilal Oswal said.

    The rupee on Thursday plunged 26 paise to 71.81 against the greenback.

    Meanwhile, the benchmark equity index BSE Sensex tanked over 250 points to 36,197, while the NSE Nifty was trading 65 points down at 10,675 in early trade.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

    15 Comments on this Story

    Tirumal Rao392 days ago
    On 5th October, 2018 it was 73.76 against USD. Forex is a variable market so don''t worry about it.
    Dahyabhai Patel393 days ago
    Motilal,Jawahar lal,Nehru,Indira,Rajiv,Soniya,Rahul,PriyankaGandhi are responsible for that as per BHARATIYA Jamla Party & it''s Chokidar c----r members.
    Surendra Sachdeva393 days ago
    Wait till 26th.All will b ok.
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