The rupee on Tuesday opened 11 paise down at 71.95 against the US currency following outflows by foreign institutional investors amid some buying in American currency by banks and importers. Foreign institutional investors sold shares worth over Rs 1,100 crore in the previous trading session.

As a result, the local currency on Monday closed 6 paise lower at 71.84 against the American currency.

Weaker-than-expected economic numbers on the domestic front have also disturbed the overall market sentiment, thereby putting further pressure on the rupee.

In the recent past, market participants have been worried about the slowdown in the economy and how that could affect the RBI's policy decision making.

“Today, USDINR pair is expected to quote in the range of 71.70 and 72.20,” Motilal Oswal Financial ServicesNSE -0.99 % said in a report.

The yuan touched a two-week low versus the greenback amid doubts about the US-China trade war. Today, from the US, market participants will be keeping an eye on the housing numbers to gauge a view for the dollar NSE -0.22 %.

Published On : 19-11-2019

Source : Economic Times