Rupee Breaks Its Three-Day Recovery Trend to Drop to 73.93 Against Dollar
PTI
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Mumbai: The rupee dropped 36 paise to 73.93 against the US currency in early trade Monday, breaking its three-day recovery trend, as crude prices rose amid weak macroeconomic data.
A spurt in dollar demand from importers amid sustained foreign fund outflows also weighed on the rupee.
Dealers said, factors like the dollar's strength against some other currencies overseas and a volatile opening of the equity markets also impacted the domestic currency.
Also read: Is the Rupee Overvalued or Undervalued?
Industrial production slipped to a three-month low of 4.3% in August and retail inflation rose marginally to 3.77%
Friday, the rupee had ended 55 paise higher at 73.57 against the dollar, as global crude prices eased and domestic indices staged a smart rebound.
Foreign institutional investors sold shares to the tune of Rs 1,322 crore Friday, provisional data showed.
The benchmark BSE Sensex fell by 70.85 points, or 0.20%, to 34,662.73 in early trade after crossing the key 35,000-mark to hit a high of 35,008.65 at the outset.
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