Rupee slips 29 paise against US Dollar

The local unit opened lower by 29 paise at 71.75/$ vs. Monday's close at 71.46/$.

Nov 13, 2019 04:11 IST India Infoline News Service

The Indian rupee fell in the early morning trade on Wednesday after industrial output contracted by the most in almost seven years. The local unit opened lower by 29 paise at 71.75/$ vs. Monday's close of 71.46/$.
Also, investors looked for clarity on the first phase of a trade agreement between the US and China that would ease tariffs. The US President Donald Trump failed to give any details after he told the Economic Club of New York on Tuesday that Beijing wants to make a trade deal.

The currency market was shut on Tuesday on account of Guru Nanak Jayanti.

The rupee ended lower by 19 paise at 71.46 against the US dollar after fresh concerns over US-China trade deal and Hong Kong unrest kept forex market participants edgy.

On the economy front, the Index of Industrial Production (IIP) with base 2011-12 for September 2019 stands at 123.3, which is 4.3% lower as compared to the level in September 2018. The cumulative growth for the period April-September 2019 over the corresponding period of the previous year stands at 1.3%. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for September 2019 stand at 86.5, 126.5 and 158.7 respectively, with the corresponding growth rates of (-) 8.5%, (-) 3.9% and (-) 2.6% as compared to September 2018.

The trading activity on Monday showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs664.20cr, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs245.06cr.

Back home, the benchmark indices opened flat, with the Sensex is down 23 points at 40,322 and the Nifty down 8 points at 11,905. 

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