Rupee slips 42 paise to 72.08 vs USD in early trade

DN Bureau

The rupee on Monday declined by 42 paise to 72.08 against the US currency in early trade, due to strong dollar demand from banks and importers amid unabated foreign fund outflows.

File Photo
File Photo

Mumbai: The rupee on Monday declined by 42 paise to 72.08 against the US currency in early trade, due to strong dollar demand from banks and importers amid unabated foreign fund outflows.

The onshore yuan fell to 7.1487 to the US dollar, its weakest point since early 2008, in Asian trading. At the Interbank Foreign Exchange, the rupee opened at 72.03 then fell to 72.08 against the US dollar, showing a decline of 42 paise over its previous closing.

Also Read: Sensex drops over 100 pts to slip below 37,000 mark 

The Indian rupee on Friday had closed at 71.66 against the US dollar.

The government on Friday announced a raft of measures, including rollback of enhanced super-rich tax on foreign and domestic equity investors, exemption of startups from 'angel tax', a package to address distress in the auto sector and upfront infusion of Rs 70,000 crore to public sector banks, in efforts to boost economic growth from a five-year low.

Also Read: Rupee at 72 per dollar hits lowest level since December

The 30-share index was trading 166.48 points or 0.45 per cent higher at 36,867.64 and the broader Nifty rose 170.95 points or 1.58 per cent to 11,000.30 . The 10-year government bond yield was at 6.52 per cent in morning trade. (PTI)

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