Rupee slips 12 paise against US dollar in early trade

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Mumbai,jul 11:
The rupee slipped 12 paise to 68.84 against the US dollar in early trade today due to fresh buying of the American currency by importers amid sustained foreign fund outflows.Forex dealers said the dollar’s strength against a basket of some currencies overseas too weighed on the rupee, but a higher opening of the domestic equity markets limited the fall.The rupee slipped 12 paise to 68.84 against the U.S. dollar in early trade on Tuesday due to fresh buying of the American currency by importers amid sustained foreign fund outflows.Amid sustained foreign fund outflows, the rupee fell by 12 paise to 68.84 against the US dollar in early trade on Tuesday. According to forex dealers, the dollar’s strength against a basket of some currencies overseas weighed on the rupee, reported PTI. However, the fall was arrested by a higher opening of the domestic equity markets. Yesterday, the rupee closed with gains of 15 paise at 68.72 against the greenback.
Provisional data from the stock exchanges showed that foreign portfolio investors (FPIs) sold shares worth a net of Rs 569.91 crore on Monday, while the domestic institutional investors purchased stocks worth Rs 740.39 crore. “Today USDINR is likely to remain in the range of 68.60 (stretched 68.48) to 68.89 (stretched 69.06),” Portia Advisory Services LLP said in a note.
“On the commodity front, crude has risen on concerns of supply shortage as the Norway Oil workers are set to strike later. And so shortage from Libya, Canada, Iran (with proposed sanctions effective November 18) and now Norway is more than the OPEC led Saudi Arabia’s additional pumping. Brent crude is currently at $78.42 per barrel. Rupee will continue to follow trends in crude, dollar, flows,” the note added.

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