Rupee has fallen drastically against the dollar due to international pressure

Nov 14 2019 01:12 PM
Rupee has fallen drastically against the dollar due to international pressure

Mumbai: On November 14, the global markets turned negative, the rupee fell 15 paise to 72.24 against the US currency on Wednesday due to the rise in crude oil prices and weak economic data. The rupee opened marginally higher at Rs 72.05 per dollar in the inter-bank foreign exchange market. In early trade, it fell 15 paise to Rs 72.24 per dollar from the previous close. The rupee closed at 72.09 per dollar on Wednesday, down 62 paise against the US currency.

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Currency traders said that the weak global trend and macro-economic data have weakened the market sentiment. Retail inflation rose sharply to 4.62 percent in October, its highest level in 16 months. This information has been given in the government data released on Wednesday. On the global front, Jerome Powell, head of the Federal Reserve, said the US economy may continue to grow but the economy is facing risks due to global softening and trade disputes.

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According to preliminary data available with the stock market, foreign portfolio investors bought shares worth a net Rs 584.92 crore on Wednesday. Brent crude oil futures were up 0.42 percent at $ 62.63 a barrel.

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