Sharp selling in Rupee weakens it by 47 paise to 69.82 against US dollar

Mumbai: The rupee fell sharply by 47 paise to 69.82 against the US dollar in early trade on Monday on higher demand for the greenback from importers and banks.

Forex dealers said besides increased demand of the US currency from importers, lower opening of the equity markets weighed on the rupee.

The domestic unit opened lower at 69.78 against the dollar then dropped further to quote at 69.82, down 47 paise over its previous close.

The rupee on Thursday had gained 25 paise to 69.35 against the US dollar after three sessions of losses.

Currency market was shut on Friday on account of ‘Good Friday’. The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02 per cent to 97.39.

Meanwhile, the BSE benchmark index was trading 309.56 points or 0.79 per cent lower at 38,830.72. The NSE Nifty too cracked to 101.80 points, or 0.87 per cent, to 11,651 in early session.

Traders said a rise in crude oil prices also influenced the domestic currency. Brent crude futures, the global oil benchmark, was trading higher by 2.53 per cent at USD 73.79 per barrel.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,038.46 crore on Thursday, as per provisional data.

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