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Rupee Hits A Month Low On Fiscal Concerns; Upbeat Dollar

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The domestic currency opened the trading day lower as there is optimism surfacing on the US-China trade talks front, which lifted both the dollar and crude oil price.

At the time of reporting, the rupee was trading lower 0.06% at 71.07 against yesterday's closing of 71.03.

Rupee Hits A Month Low On Fiscal Concerns; Upbeat Dollar
 

On the domestic front also, as the fiscal math of the country is likely to be affected on FM's hint that a farm relief packaged may be announced also affected the sentiment in the rupee.

The rupee weakened to hit a one-month low of 71.19 to a dollar and made an intra-day low of 71.21 per dollar.

The government for the FY 2018-19 is likely to overshoot its fiscal deficit primarily due to shortfall in GST collection.

Bond prices also fell in line after the yield on 2028 papers surged to 7.595% with an increase of 5 basis points . Bond yields and prices move in opposite directions.

GoodReturns.in

Story first published: Friday, January 18, 2019, 10:50 [IST]
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