Rupee hits historic low of 20.05 against UAE dirham

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Rupee hits historic low of 20.05 against UAE dirham

The dollar rose to near 1-month highs against global currencies.

By Agencies

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Published: Tue 2 Oct 2018, 6:48 AM

Last updated: Tue 2 Oct 2018, 4:16 PM

Against the UAE dirham, the rupee on Tuesday was trading at 20.05 at 6:40am (UAE time), according to XE.com.
The rupee tumbled 43 paise to end at a near two-week low of 72.91 against the US dollar on Monday amid a strengthening greenback and steady capital outflows.

On Monday, the rupee finally closed at 72.91, down 43 paise.  Foreign institutional investors net sold shares worth Rs 1,841.63 crore Monday, provisional data showed.
Meanwhile, the Reserve Bank on Monday announced that it will inject Rs 36,000 crore liquidity into the system through purchase of government bonds in October to meet the festival season demand for funds.
The auctions to purchase government bonds as part of the Open Market Operations (OMO) will be conducted in the second, third and fourth week of October.
"Rupee continues to be weak as crude oil prices remains high. Unless we have comfort from crude oil prices, we are likely to see weakness in rupee. It is going to hover in 70-72 range," a senior treasury official said.
US dollar rises against most major currencies
The US dollar was up against other major currencies after the US, Canada and Mexico reached a new free trade deal to replace the North American Free Trade Agreement (NAFTA).
In late New York trading on Monday, the euro fell to $1.1575 from $1.1610 in the previous session, the British pound decreased to $1.3037 from $1.3039 in the previous session, and the Australian dollar was up to $0.7226 from $0.7223, Xinhua reported.
The US dollar bought 113.97 Japanese yen, higher than 113.57 Japanese yen of the previous session. The US dollar was up to 0.9841 Swiss franc from 0.9792 Swiss franc, and it decreased to 1.2786 Canadian dollars from 1.2921 Canadian dollars.
The dollar index, which measures the greenback against six major peers, was up 0.17 per cent at 95.3001 in late trading.
The purchasing managers' index (PMI) in the manufacturing sector of the United States missed expectation of 71.3 and fell to 59.8 in September from 72.1 in the previous month, according to data issued by the Institute of Supply Management on Monday.
 


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