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Rupee Ends Lower After Scaling To 5-Week High

Roshni Agarwal

Rupee on Monday closed lower at 70.76 after making sharp gains of 26 paise in the opening session to log best 5-week gain of 70.55. On Friday, rupee closed at 70.81 per US dollar.

The weakness in the rupee at close comes even as Sensex hit another record close in session today of 40,301.96 points.

In the morning session, optimisim around the US-China trade deal to be close in sight andd strong US data as also the strong FII inflow in both equities and debt improved investor sentiment. Foreign investors have bought a total of more than $2.06 billion in last 3 trading days in domestic equity and bond markets.

Oil also retreated lower on Monday as traders exercise caution ahead of important European and US data. This decline comes even as there has surfaced optimism on US-China trade deal front which has dampened energy demand while hurting global economic growth. On Friday, crude gained in price by more than 3% after US officials said that the deal could be signed with China this month.

In the bond market, the yield on benchmark 10-year bonds came in at 6.456% compared with its previous close of 6.443%.

Meanwhile, benchmark indices closed at a new record high on the Sensex fuelled by rally in metal stocks on the back of positive developments on US-China trade truce.

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