Rupee Loses 23 Paise In Early Trade Against Dollar: 10 Things To Know
- The rupee opened at 73.74 against its previous close of 73.56 against the US dollar, PTI reported.
- In early trade, the rupee shed 23 paise to fall further to 73.79 against the dollar.
- Foreign fund outflows have been hurting the rupee sentiment, dealers said. On Monday, foreign portfolio investors sold net equities worth Rs. 511.91 crore, showed provisional data from the National Stock Exchange (NSE).
- Weak trade in stock markets also weighed on the rupee, dealers said. The S&P BSE Sensex cracked below the 34,000 mark while the Nifty benchmark of the NSE breached the 10,200 level. At 11:53 am, the 30-share Sensex traded at 33,983.53, with a loss of 150.85 points or 0.44 per cent and the Nifty was at 10,187.70, down 57.55 points or 0.56 per cent.
- On Monday, the rupee had opened higher at 73.36, touched an intraday high of 73.19 but closed lower at 73.56, with a loss of 24 paise or 0.3 per cent.
- IFA Global Research Desk said in a research note that outflows from domestic equities and the overall dollar strength weighed on the rupee.
- According to a report by news agency Reuters, the rupee, along with the Indonesian rupiah, are the worst two performers among their peers this year. Both India and Indonesia have large current account deficit and are heavily dependent on oil imports.
- India imports more than 80 per cent of its crude oil requirements. For the quarter that ended June 2018, the current account deficit - the value by which imported goods and services exceed exports -  rose to $15.8 billion or 2.4 per cent of gross domestic product (GDP) from $15.0 billion or 2.5 per cent a year ago.
- Bearish bets on the Indian rupee and the Indonesian rupiah were the highest, according to the report.
- Meanwhile, oil prices fell on Tuesday after Saudi Arabia pledged to play a "responsible role" in energy markets, although sentiment remained nervous in the run-up to US sanctions against Iran's crude exports that start next month. Front-month Brent crude oil futures were at $79.52 a barrel at 0318 GMT or 8:48 am IST, down 31 cents, or 0.4 per cent, from their last close, reported Reuters. (With agencies inputs)
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
