Rupee Falls 50 Paise At 70.08 Against US Dollar

Mumbai: The Indian Rupee on Monday contracted by 50 Paise against the US Dollar during early trade. The rupee depreciated amid strengthening of US Dollar against some currencies abroad.

Forex traders opined that the increased demand of the American currency from importers, strengthening of dollar against other overseas unit and a higher opening of domestic equity market weighed heavily on the rupee.

On Friday, the rupee had surged 27 paise to close at a four-month high of 69.58 against the dollar. Analysts have said that sudden rise in global crude oil prices and foreign fund outflows also weighed down the domestic currency. Meanwhile, the international benchmark MeBrent crude was trading 4.78 per cent up at USD 62.30 per barrel.

Furthermore, the benchmark BSE Sensex also opened over 250 points higher on Monday after US President Donald Trump and Chinese President Xi Jinping ended the trade war and agreed to a truce.

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