Rupee slumps 16 paise to 7672 against US dollar in early trade
Mumbai Apr 27 PTI The rupee depreciated 16 paise to 7672 against the US dollar in opening trade on Wednesday weighed down by the strength of the greenback and unabated foreign fund outflows At the interbank foreign exchange the rupee opened at 7669 against the American dollar then lost ground to quote at 7672 registering a fall of 16 paise from the last close On Tuesday the rupee settled at 7656 against the dollar The rupee opened weaker against the dollar on Wednesday as the American currency continued its upward trajectory said Sriram Iyer Senior Research Analyst at Reliance Securities Asian and emerging market peers were mixed however hopes of stimulus from China could cap depreciation bias of the peers and aid sentiments for the local unit Iyer said The dollar index which gauges the greenbacks strength against a basket of six currencies was trading 005 per cent higher at 10234 The US dollar strengthened as concerns about slowing growth in China and expectations the Federal Reserve will aggressively hike rates boosted demand for the greenback Iyer noted On the domestic equity market front the 30-share Sensex was trading 39212 points or 068 per cent lower at 5696449 while the broader NSE Nifty declined 12625 points or 073 per cent to 1707455 Global oil benchmark Brent crude futures rose 027 per cent to USD 10527 per barrel Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 117405 crore as per stock exchange data PTI DRR ANU ANU
Mumbai Apr 27 PTI The rupee depreciated 16 paise to 7672 against the US dollar in opening trade on Wednesday weighed down by the strength of the greenback and unabated foreign fund outflows At the interbank foreign exchange the rupee opened at 7669 against the American dollar then lost ground to quote at 7672 registering a fall of 16 paise from the last close On Tuesday the rupee settled at 7656 against the dollar The rupee opened weaker against the dollar on Wednesday as the American currency continued its upward trajectory said Sriram Iyer Senior Research Analyst at Reliance Securities Asian and emerging market peers were mixed however hopes of stimulus from China could cap depreciation bias of the peers and aid sentiments for the local unit Iyer said The dollar index which gauges the greenbacks strength against a basket of six currencies was trading 005 per cent higher at 10234 The US dollar strengthened as concerns about slowing growth in China and expectations the Federal Reserve will aggressively hike rates boosted demand for the greenback Iyer noted On the domestic equity market front the 30-share Sensex was trading 39212 points or 068 per cent lower at 5696449 while the broader NSE Nifty declined 12625 points or 073 per cent to 1707455 Global oil benchmark Brent crude futures rose 027 per cent to USD 10527 per barrel Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 117405 crore as per stock exchange data PTI DRR ANU ANU
