Rupee slumps 30 paise to 7508 against US dollar
Mumbai Jan 27 PTI Registering its third straight session of loss the Indian rupee on Thursday depreciated by 30 paise to close at 7508 provisional against the US dollar tracking the strength of the American currency after a hawkish US Fed policy stance Forex traders said muted domestic equities sustained foreign fund outflows and firm crude oil prices also weighed on the local unit At the interbank foreign exchange market the local currency opened at 7518 against the greenback and witnessed an intra-day high of 7507 and a low of 7531 during the session The rupee finally settled at 7508 down by 30 paise over its previous close On Tuesday the rupee had closed at 7478 against the US dollar The forex and equity markets were closed on Wednesday on account of Republic Day This is the third straight session of loss for the local unit during which it has declined by 63 paise Indian rupee depreciated against US dollar on massive risk-off sentiments after the US Feds hawkish stance said Dilip Parmar Research Analyst HDFC Securities Fed as expected indicated a rate hike in March Consequently the dollar rallied following higher treasury yields At the domestic front India 10-year benchmark bond yield surged to 674 per cent the highest since 2019 Parmar added The dollar index which gauges the greenbacks strength against a basket of six currencies was trading 033 per cent up at 9679 Brent crude futures the global oil benchmark dipped 001 per cent to USD 8995 per barrel On the domestic equity market front the BSE Sensex ended 58121 points or 1 per cent lower at 5727694 while the broader NSE Nifty slumped by 16780 points or 097 per cent to 1711015 Foreign institutional investors remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 709448 crore as per exchange data PTI DRR DRR ABM ABM
Mumbai Jan 27 PTI Registering its third straight session of loss the Indian rupee on Thursday depreciated by 30 paise to close at 7508 provisional against the US dollar tracking the strength of the American currency after a hawkish US Fed policy stance Forex traders said muted domestic equities sustained foreign fund outflows and firm crude oil prices also weighed on the local unit At the interbank foreign exchange market the local currency opened at 7518 against the greenback and witnessed an intra-day high of 7507 and a low of 7531 during the session The rupee finally settled at 7508 down by 30 paise over its previous close On Tuesday the rupee had closed at 7478 against the US dollar The forex and equity markets were closed on Wednesday on account of Republic Day This is the third straight session of loss for the local unit during which it has declined by 63 paise Indian rupee depreciated against US dollar on massive risk-off sentiments after the US Feds hawkish stance said Dilip Parmar Research Analyst HDFC Securities Fed as expected indicated a rate hike in March Consequently the dollar rallied following higher treasury yields At the domestic front India 10-year benchmark bond yield surged to 674 per cent the highest since 2019 Parmar added The dollar index which gauges the greenbacks strength against a basket of six currencies was trading 033 per cent up at 9679 Brent crude futures the global oil benchmark dipped 001 per cent to USD 8995 per barrel On the domestic equity market front the BSE Sensex ended 58121 points or 1 per cent lower at 5727694 while the broader NSE Nifty slumped by 16780 points or 097 per cent to 1711015 Foreign institutional investors remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 709448 crore as per exchange data PTI DRR DRR ABM ABM
