The rupee dropped by 5 paise to close at 71.36 against the US dollar on the last trading session of 2019 on Tuesday, leading to a total loss of 159 paise or 2.28 per cent in the year amid trade war concerns, a rebound in crude oil prices and higher import bill.
The rupee had closed the 2018 year at 69.77 to the US dollar.
“Rupee registering more than 2.20 per cent weakness this year in 2019 along with about 10 per cent weakness registered in the year 2018 largely on back of higher import bills on back of rising gold & recently crude prices,” said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.
The rupee opened higher at 71.28 per dollar at the interbank foreign exchange market and hovered in a range of 71.23 and 71.37 before ending at 71.36 per dollar, showing a loss of 5 paise over its previous close.
Source: Business Standard