Rupee falls 8 paise to close at 7414 against US dollar
Mumbai Sep 29 PTI The rupee fell by 8 paise to close at 7414 against the US dollar on Wednesday amid a lacklustre trend in domestic equities and strengthening of the American currency in the overseas market At the interbank foreign exchange market the local currency opened at 7418 and witnessed an intra-day high of 7408 and a low of 7426 against the US dollar in day trade The local unit finally settled at 7414 a dollar down 8 paise over its previous close On Tuesday the rupee had settled at 7406 against the greenback The Indian rupee depreciated amid strong dollar and muted domestic markets Dollar gained strength on the back of a surge in US treasury yields Yields are rising on expectation that the US Federal Reserve will start tapering its bond purchases before the end of the year and possibly begin raising interest rates next year said Raj Deepak Singh Head-Derivatives – ICICI Securities A jump in commodity prices has also fuelled the worries over short-term inflation pressures Furthermore investors remained vigilant ahead of speeches of major central banks across the globe to get hints on future monetary stance Sharp downside was prevented on persistent FII inflows and as crude oil dipped from its high Rupee may trade in the range of 7390 to 7440 in the next couple of sessions Singh noted The dollar index which gauges the greenbacks strength against a basket of six currencies was trading 006 per cent higher at 9382 Meanwhile Brent crude futures the global oil benchmark declined 061 per cent to USD 7861 per barrel On the domestic equity market front the BSE Sensex ended 25433 points or 043 per cent lower at 5941327 while the broader NSE Nifty declined 3730 points or 021 per cent to 1771130 Meanwhile foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 195770 crore as per exchange data PTI DRR MR MR
Mumbai Sep 29 PTI The rupee fell by 8 paise to close at 7414 against the US dollar on Wednesday amid a lacklustre trend in domestic equities and strengthening of the American currency in the overseas market At the interbank foreign exchange market the local currency opened at 7418 and witnessed an intra-day high of 7408 and a low of 7426 against the US dollar in day trade The local unit finally settled at 7414 a dollar down 8 paise over its previous close On Tuesday the rupee had settled at 7406 against the greenback The Indian rupee depreciated amid strong dollar and muted domestic markets Dollar gained strength on the back of a surge in US treasury yields Yields are rising on expectation that the US Federal Reserve will start tapering its bond purchases before the end of the year and possibly begin raising interest rates next year said Raj Deepak Singh Head-Derivatives – ICICI Securities A jump in commodity prices has also fuelled the worries over short-term inflation pressures Furthermore investors remained vigilant ahead of speeches of major central banks across the globe to get hints on future monetary stance Sharp downside was prevented on persistent FII inflows and as crude oil dipped from its high Rupee may trade in the range of 7390 to 7440 in the next couple of sessions Singh noted The dollar index which gauges the greenbacks strength against a basket of six currencies was trading 006 per cent higher at 9382 Meanwhile Brent crude futures the global oil benchmark declined 061 per cent to USD 7861 per barrel On the domestic equity market front the BSE Sensex ended 25433 points or 043 per cent lower at 5941327 while the broader NSE Nifty declined 3730 points or 021 per cent to 1771130 Meanwhile foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 195770 crore as per exchange data PTI DRR MR MR
