Rupee slips further, opens 6 paise lower against US dollar
Renewed demand for the US dollar from importers and some corporates also weighed on the forex trading.
By ETMarkets.com |
BCCL
NEW DELHI: The rupee on Thursday opened 6 paise lower at 68.80 against the US dollar.
The domestic unit on Wednesday reversed most of its gains towards the fag-end session, losing 17 paise at 68.74 against the US dollar amid rising crude oil prices and inflationary concerns after MSP hike for Kharif crops by the government.
Renewed demand for the US dollar from importers and some corporates also weighed on the forex trading.
In a major fillip to the farm sector, the government on Wednesday approved a steep hike in the minimum support price (MSP) of most Kharif crops, which will cost the exchequer more than Rs 15,000 crore.
The Reserve Bank had underlined the upside risk to inflation projections in its last monetary policy and raised the repo rate by 25 basis points.
On the global front, Asian stocks were shaky while major currencies barely budged in early trade, as financial markets remained in a state of anxious uncertainty on the eve of a US deadline to slap tariffs on Chinese imports, Reuters reported.
Oil prices fell after the US President Donald Trump sent a tweet demanding that Opec reduce prices for crude.
The domestic unit on Wednesday reversed most of its gains towards the fag-end session, losing 17 paise at 68.74 against the US dollar amid rising crude oil prices and inflationary concerns after MSP hike for Kharif crops by the government.
Renewed demand for the US dollar from importers and some corporates also weighed on the forex trading.
In a major fillip to the farm sector, the government on Wednesday approved a steep hike in the minimum support price (MSP) of most Kharif crops, which will cost the exchequer more than Rs 15,000 crore.
The Reserve Bank had underlined the upside risk to inflation projections in its last monetary policy and raised the repo rate by 25 basis points.
On the global front, Asian stocks were shaky while major currencies barely budged in early trade, as financial markets remained in a state of anxious uncertainty on the eve of a US deadline to slap tariffs on Chinese imports, Reuters reported.
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Oil prices fell after the US President Donald Trump sent a tweet demanding that Opec reduce prices for crude.
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