Rupee slips 16 paise to 7455 against US dollar in early trade
Mumbai Nov 23 PTI The Indian rupee depreciated by 16 paise to 7455 against the US dollar in opening trade on Tuesday as a muted trend in the domestic equity market and firm American dollar weighed on investor sentiment At the interbank foreign exchange the rupee opened on a weak note at 7448 then lost further ground and touched 7455 against the American dollar registering a decline of 16 paise from the last close On Monday the rupee had closed at 7439 against the US dollar The dollar index which gauges the greenbacks strength against a basket of six currencies rose by 001 per cent to 9655 According to Anil Kumar Bhansali Head of Treasury Finrex Treasury Advisors USD-INR has not been able to cross 7455 But the way the dollar index has risen we should see it rising towards 75 levels with month-end approaching he said Bhansali further noted that the stock markets are in falling mode and the Nifty is expected to go up to 16000 before we start the next bull run Exporters may sell for cash and very far term so that they do not lose out on premiums But may wait for short and medium term for 7500 levels Bhansali said adding that importers are likely to keep hedging every dip near 7420 and 7430 Meanwhile global oil benchmark Brent crude futures declined 045 per cent to USD 7934 per barrel Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 343876 crore as per exchange data On the domestic equity market front the 30-share Sensex was trading 24572 points or 042 per cent lower at 5822017 while the broader NSE Nifty declined 5030 points or 029 per cent to 1736625 PTI DRR DRR ANS ANS
Mumbai Nov 23 PTI The Indian rupee depreciated by 16 paise to 7455 against the US dollar in opening trade on Tuesday as a muted trend in the domestic equity market and firm American dollar weighed on investor sentiment At the interbank foreign exchange the rupee opened on a weak note at 7448 then lost further ground and touched 7455 against the American dollar registering a decline of 16 paise from the last close On Monday the rupee had closed at 7439 against the US dollar The dollar index which gauges the greenbacks strength against a basket of six currencies rose by 001 per cent to 9655 According to Anil Kumar Bhansali Head of Treasury Finrex Treasury Advisors USD-INR has not been able to cross 7455 But the way the dollar index has risen we should see it rising towards 75 levels with month-end approaching he said Bhansali further noted that the stock markets are in falling mode and the Nifty is expected to go up to 16000 before we start the next bull run Exporters may sell for cash and very far term so that they do not lose out on premiums But may wait for short and medium term for 7500 levels Bhansali said adding that importers are likely to keep hedging every dip near 7420 and 7430 Meanwhile global oil benchmark Brent crude futures declined 045 per cent to USD 7934 per barrel Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 343876 crore as per exchange data On the domestic equity market front the 30-share Sensex was trading 24572 points or 042 per cent lower at 5822017 while the broader NSE Nifty declined 5030 points or 029 per cent to 1736625 PTI DRR DRR ANS ANS
