Rupee slips two pairs against the US dollar to 71.33 in early trade

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Forex dealers said that the rupee traded in a narrow range, as the strengthening of the US dollar weighed on the local unit.

PTI

updated:IS 14 February 2020, 10:18

Rupee slips two pairs against the US dollar to 71.33 in early trade
Image for illustration. (Image: Reuters)

Mumbai: The rupee fell slightly against the US dollar by 2 pairs on Friday to 71.33 against the US dollar as the US currency strengthened in the overseas market.

Forex traders said the rupee was trading in a narrow range as the strengthening of the US dollar weighed on local unity, while easing crude oil prices, positive opening in domestic stocks, and inflows from foreign funds provided support and constrained the decline ,

The rupee opened positively on the interbank foreign exchange market at 71.29, but soon lost ground and fell to 71.33 against the US dollar, a decrease of 2 paise versus the previous closing price. The rupee had leveled off at 71.31 against the US dollar on Thursday.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.09 percent to USD 56.29 a barrel. Foreign institutional investors (FIIs) remained net buyers in the capital markets, as they bought stocks worth 1,061.39 billion rupees on Thursday, according to preliminary information.

The domestic stock exchanges opened positively on Friday. The benchmark Sensex traded 126.42 points higher at 41,586.21 and Nifty 50.15 points higher at 12,224.80. The dollar index, which measures the strength of the greenback versus a basket of six currencies, rose 0.08 percent to 99.14. The yield on 10-year government bonds in morning trading was 6.43 percent.

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