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Rupee Falls For Second Straight Session To 67.37 Against US Dollar

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The Indian rupee opened lower in trade on Thursday at 67.33 against dollar, down by 7 paise versus its previous close of 67.28. Rising crude oil prices has dragged the currency lower for the second straight session due to fears of worsening current account deficit (CAD) and inflationary pressure.

Rupee Falls For Second Straight Session To 67.37 Against US Dollar
 

At 9:15 am, rupee was trading lower by 0.12% at 67.36 against dollar and touched a low of 67.37 a dollar.

Brokerage house Motilal Oswal cites fund outflows by FIIs to the tune of US$ 1.4 billion in May from both the debt and equity segment as yet another reason for the free-fall of the currency to 15-month low levels.

Meanwhile oil prices surged to the highest level since 2014 after US President Donald Trump pulled his country out of an international Iran nuclear deal that fuels fresh geopolitical uncertainty.

Market participants will closely watch crude oil price movement as it shall be the prime trigger for any sharp movement in the home currency.

Through the day, rupee is likely to trade in the range of 67.25 and 67.80. Other Asian currencies were however trading mixed.

The 10-year bond yield also rose to 7.712% in comparison to its previous close of 7.709%. Bond prices and yield move in opposite directions.

Benchmark Sensex opened the day higher by 42.12 points or 0.12% to 35361.47 even as crude oil price surged.

Market opens higher even as crude oil surges

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