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Rupee vs dollar: Rupee logs biggest single-day fall in 2019, loses 97 paise amid weak domestic equities

Rupee logged its biggest fall in 2019 against the US currency on Tuesday amid weak economic data and negative stock market sentiment. The domestic currency opened lower by 55 paise at 71.95 per dollar versus Friday's close of 71.40.  The Indian currency extended its fall in afternoon session declining 97 paise to 72.37 per dollar.The currency had hit its all-time low at 74.48 on October 11, 2018. The currency has fallen 3.54% since the beginning of this year.

Forex traders said the US tariffs on imports from China took effect on Sunday and were followed later by Beijing's retaliation. Following this, the domestic currency was under pressure. Weakness in the market led by announcement of mergers of public sector banks and lower than  expected economic data also affected sentiment in currency market today.

On Friday, govt data said GDP growth slipped to 6-year low of 5 per cent as compared to 5.8 per cent in the previous quarter, weighed down by slump in manufacturing output, weak consumer demand and deceleration in private investment.

Expansion in manufacturing sector hit its slowest in 15 months in August as demand and output grew at their weakest pace in a year and cost pressures increased, a private sector survey showed on Monday.

The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, declined to 51.4 in August from July's 52.5, its weakest since May 2018. However, it has remained above the 50-mark separating growth from contraction for more than two years.

The rupee had appreciated by 38 paise to close at a two-week high of 71.42 against the US dollar on Friday led by a rally in domestic equities and renewed hopes of the US-China trade talks.

The forex market was closed on Monday on account of Ganesh Chaturthi. Foreign institutional investors (FIIs) remained net buyers in the capital market, putting in Rs 1,162.95 crore on Friday, provisional data with the exchanges showed.

The dollar index, which gauges the greenback's strength against a basket of six currencies, inched up 0.37 per cent to 99.28.

Meanwhile, Sensex and Nifty ended in the red post announcement of mergers for public sector banks by the Modi government and lower than expected economic data. While Sensex closed 769 points or 2.06 per cent lower at 36,562 , Nifty fell 225 points or 2.04 per cent to 10,797.90.

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