Rupee in trade on Wednesday has been dragged lower to levels of 71 per US dollar even as equities climbed to new record highs. The domestic currency opened weak by 10 paise at 70.79 and ended the day at 70.988, down 19 paise in trade today.
Rupee Ends Sharply Lower At 70.988
In yesterday's rupee closed with gains of 8 paise at 70.69 apiece a dollar due to strong FII sentiment that have been pouring in funds in the Indian market for some time.
Crude prices have also been dragged lower due to more than expected US stock piles. Nonetheless, the losses have been curbed on the back of optimisim around the long bruising US-China trade war which has jitters to world over economy.
In the bond market, yield on 10-year benchmark bonds stood at 6.506%.
At the same time, Indian indices opened lower after ending winning streak for 5-consecutive days. Nifty was trading at 11881 while Sensex lost some 100 points to trade at 40150.
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