Rupee slips further, down 25 paise against USD

The rupee fell as much as 0.3% to 71.3825, the lowest since February 7, while the yield on the most-traded 2028 bonds rose to a high of 7.57%.

Feb 15, 2019 07:02 IST India Infoline News Service

Falling symbol of rupee
The Indian rupee and sovereign bonds extended declines after news that PM Narendra Modi has given security forces the freedom to decide on the response to Thursday’s assault that killed at least 37 soldiers in Kashmir.

The rupee fell as much as 0.3% to 71.3825, the lowest since February 7, while the yield on the most-traded 2028 bonds rose to a high of 7.57%.

The Indian rupee opened weaker by 11 paise against the dollar on Friday following sustained demand for the greenback from importers amid foreign fund outflow and rising global crude prices. Besides, the dollar's gain against major world currencies also impacted the rupee.

The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs70.94, while for the Euro it was at Rs79.99. The reference rate for the Yen stood at Rs63.88; the reference rate for Great Britain Pound (GBP) was Rs91.27.

On the economy front, the Wholesale Price Index (WPI)-based inflation dipped to 10-month low of 2.8% in January 2019, exhibiting a sharp decline for third straight month from 5.5% in October 2018.

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