Rupee depreciates 40 paise; trades at 70.77/$

The currency opened flat at 70.50/$ on Monday. At 3:40PM, IST, the domestic unit was trading at 70.77/$.

Jan 14, 2019 10:01 IST India Infoline News Service

The Indian rupee depreciated 40 paise in intraday trade on Monday to 70.89 against the dollar compared to its previous close of 70.49/$.

The currency opened flat at 70.50/$ and appreciated 3 paise to 70.44/US$. At 3:40 PM IST, the domestic unit was trading at 70.77/$.

The fall in the currency could be attributed to disappointing wholesale inflation data for December. As per government data, the annual rate of inflation, based on the monthly Wholesale Price Index (WPI), fell to 3.80% (provisional) for the month of December 2018 (over December 2017) as compared to 4.64% (provisional) for the previous month and 3.58% during the corresponding month of the previous year.

Further, the sharp rally in global crude oil prices kept the Indian rupee down. Crude oil prices gained ~15% in the first 15 days of the month due to lower supply.

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