Rupee slumps 33 paise to close at 7458 against US dollar
Mumbai Jan 18 PTI Continuing its fall for the third consecutive session the rupee on Tuesday slumped 33 paise to close at 7458 provisional against the US dollar as strong American currency and elevated crude oil prices continue to weigh on investor sentimentsForex traders said muted domestic equities and dollar buying by banks on behalf of importers also dragged the local unit downAt the interbank foreign exchange market the local currency opened at 7436 against the American currency and witnessed an intra-day low of 7460 during the sessionThe rupee finally settled at 7458 down 33 paise over its previous close of 7425 against the greenbackThe dollar index which gauges the greenbacks strength against a basket of six currencies was trading 009 per cent up at 9534Higher crude oil prices and risk-off sentiments following a surge in bond yields are enough for the rupee to become the worst-performing currency among Asian currencies said Dilip Parmar Research Analyst HDFC SecuritiesParmar added that strong dollar demands have been seen from oil importers after Brent crude oil prices started quoting above USD 87 a barrel on the back of supply worriesGoing ahead the pullback rally in USDINR may continue for a few more days as sentiments turn favourable Spot USDINR has crossed and sustained above the near-term hurdle of 7450 the 100 days simple average has now opened the way for 75 levels while support has been shifted to 7425 he saidMeanwhile Brent crude futures the global oil benchmark jumped 099 per cent to USD 8734 per barrelOn the domestic equity market front the BSE Sensex ended 55405 points or 090 per cent lower at 6075486 while the broader NSE Nifty declined 19505 points or 107 per cent to 1811305Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth Rs 85547 crore as per exchange data PTI DRR DRR BAL
Mumbai Jan 18 PTI Continuing its fall for the third consecutive session the rupee on Tuesday slumped 33 paise to close at 7458 provisional against the US dollar as strong American currency and elevated crude oil prices continue to weigh on investor sentimentsForex traders said muted domestic equities and dollar buying by banks on behalf of importers also dragged the local unit downAt the interbank foreign exchange market the local currency opened at 7436 against the American currency and witnessed an intra-day low of 7460 during the sessionThe rupee finally settled at 7458 down 33 paise over its previous close of 7425 against the greenbackThe dollar index which gauges the greenbacks strength against a basket of six currencies was trading 009 per cent up at 9534Higher crude oil prices and risk-off sentiments following a surge in bond yields are enough for the rupee to become the worst-performing currency among Asian currencies said Dilip Parmar Research Analyst HDFC SecuritiesParmar added that strong dollar demands have been seen from oil importers after Brent crude oil prices started quoting above USD 87 a barrel on the back of supply worriesGoing ahead the pullback rally in USDINR may continue for a few more days as sentiments turn favourable Spot USDINR has crossed and sustained above the near-term hurdle of 7450 the 100 days simple average has now opened the way for 75 levels while support has been shifted to 7425 he saidMeanwhile Brent crude futures the global oil benchmark jumped 099 per cent to USD 8734 per barrelOn the domestic equity market front the BSE Sensex ended 55405 points or 090 per cent lower at 6075486 while the broader NSE Nifty declined 19505 points or 107 per cent to 1811305Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth Rs 85547 crore as per exchange data PTI DRR DRR BAL
