INSUBCONTINENT EXCLUSIVE:
The rupee had closed at 70.78 against the dollar on Friday.
The rupee fell for second straight day
and breached the 71-mark against the US dollar on Tuesday
The rupee slumped 62 paise to close at a nearly six-month low against the greenback, news agency Press Trust of India (PTI) reported
Weakness in equity markets and Argentine currency crashing drove investors to safe haven assets like gold
The rupee opened at 71.15 and traded between 71.02 and 71.40 against the American currency in the intraday trade
It finally settled at 71.40
The rupee had closed at 70.78 against the dollar on Friday
The domestic currency has lost 71 paise in the past two sessions
Here are key things to know about rupee-dollar rate today:Domestic forex market that was already battling against foreign
fund outflows for some time came under more pressure due to currency crisis in Argentina and global trade war concerns.Argentina's peso
plunged on Monday after the country's centre-right leader Mauricio Macri performed poorly in primary elections."The rupee remains under
pressure as the Chinese Yuan continues to weaken
Emerging markets currencies especially steep fall in Argentina's peso along with ongoing protest in Hong Kong are matter of concern for
the global markets," said Rushabh Maru, research analyst, currency and commodity, Anand Rathi Shares and Stock Brokers."Overall the rupee
may gradually head towards 72 mark in the short term," Mr Maru said."Reflecting global risk-off sentiment, stock markets across the globe
slumped today as fears about a drawn out China-US trade war, protests in Hong Kong and a crash in Argentina's peso currency drove
investors to safe harbours like bonds, gold, and the yen," Press Trust of India quoted VK Sharma, head-PCG - capital market strategy, HDFC
Securities as saying.Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs
638.28 crore on Tuesday, NSE's provisional data showed.Domestic stock markets suffered sharp losses on Tuesday amid a selloff across
sectors barring energy shares, breaking a two-day winning run.The S-P BSE Sensex index fell 623.75 points to end at 36,958.16, and the
broader NSE Nifty benchmark settled at 10,925.85, down 183.80 points from the previous close.Brent crude futures, the global oil benchmark,
fell 0.19 per cent to $58.46 per barrel.The dollar index, which gauges the greenback's strength against a basket of six currencies, was at
Meanwhile, the 10-year government bond yield was at 6.53 per cent on Tuesday.Get Breaking news, live coverage, and Latest News from India
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