Rupee skates for 3rd consecutive day; set 15 paise down at 68.97 vs USD

Mumbai, July 18 () The rupee depreciated 15 paise to close at 68.97 against the US dollar on Thursday, amid strong sales in domestic stocks and the rise in oil prices.

The rupee opened on a positive note, but could not sustain the gains and settled for the day in negative territory. This is the third consecutive day of the rupee's fall, during which it has lost 43 paise.

Forex traders said, the outflows of foreign funds and weak Asian currencies affected the local unit.

In the interbank market of currencies (currencies), the national currency opened at 68.76 per dollar, but lost ground during the day and finally settled at 68.97, a drop of 15 countries compared to its previous close.

The rupee had settled at 68.82 against the US dollar on Wednesday.

The outflows of foreign funds, the rebound in the price of crude oil and the weaker Asian currencies weighed on the Indian rupee in the session on Thursday, said VK Sharma, Director of PCG and Capital Markets Strategy, HDFC Securities, adding that the last fund registered at 68.29 in the USD/INR would act as strong support.

Brent crude oil futures, the world benchmark for oil, rose 0.90 percent to USD 64.23 per barrel.

The dollar index, which measures the strength of the greenback versus a basket of six currencies, fell 0.04 percent to 97.18.

Foreign institutional investors (FII) continued to be net sellers in the capital markets, taking out Rs 16.97 million years, according to provisional data.

Breaking its three-day growing streak, the benchmark BSE Sensex stock index settled in negative territory on Thursday. The Sensex of 30 shares, remained moderate throughout the session and finally closed at 38,897.46, falling by 318.18 points or 0.81 percent.

Similarly, the wider Nifty NSE cracked below the 11,600 mark, ending at 90.60 points or 0.78 percent at 11,596.90.

Meanwhile, the 10-year public debt yield was at 6.38% on Thursday. Financial Benchmark India Private Ltd (FBIL) set the benchmark rate for the rupee/dollar at 68.8051 and for the rupee/euro at 77.1434. The reference rate for the British rupee/pound was set at 85.3908 and for the rupee/100 Japanese yen at 63.60. DRR DRR