The falling rupee: Sheds 9 paise against US dollar
What's the story
The rupee depreciated by 9p to 72.02 against the USD in early-trade today at the interbank foreign exchange. Fresh demand for the dollar from importers amid rise in crude prices caused the fall. However, weakness in the USD against some currencies in global-market and a higher opening of the domestic equity markets limited the rupee fall ahead of Reserve Bank of India's board meet.
Information
Topics: RBI board meet to discuss MSME, RBI's reserves
Finance Ministry nominees and some independent directors are expected to take on Governor Urjit Patel and his team today over issues ranging from Micro, Small and Medium Enterprises (MSME) credit to the RBI's reserves, though both sides are in favor of reaching a common ground.
Details
Rupee strengthened by 4 paise against the USD last week
Meanwhile, Brent crude was trading higher by 0.72% to $67.40 per barrel. The rupee on Friday strengthened by 4p to close at a fresh two-month high 71.93 against the USD, despite a rebound in oil-prices and a stronger dollar. Foreign institutional investors (FIIs) bought shares worth Rs. 844.82cr on Friday. BSE Sensex was trading 159.66 points, or 0.45%, higher at 35,616.82 in opening trade.