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Rupee weakens to 72 vs US dollar for first time in 2019

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Google Oneindia News

New Delhi, Aug 23: The rupee on Friday slipped to 72-mark against the US dollar for the first time in 2019 falling to the year's lowest level against the greenback.

Rupee weakens to 72 vs US dollar for first time in 2019

The currency opened 15 paise down at 71.97 against the greenback. The local currency is now set for the biggest monthly fall in six years.

The rupee closed Thursday' session 26 paise down at 71.816 to the dollar after having hit an intraday low of 71.975. Forex dealers said the yuan saw a sudden fall during the day which was replicated by the rupee.

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The Chinese yuan closed 0.32 per cent down at 7.08 against the greenback on Thursday. Chinese authorities had allowed the currency to drop below the "7" mark at the beginning of August.

While the Rupee lost 4.25 per cent against the dollar over the last three weeks, only two major emerging economies saw their currencies decline more than that. The Brazilian Real and South African Rand have fallen 5.56 per cent and 6.4 per cent respectively in the same period.

FPIs withdrew around Rs 900 crore from capital markets on a net basis on Thursday. The rupee had closed at 71.81 to the US dollar on Thursday.

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