Rupee Slips 54 Paise Against Dollar Amid Fund Outflows: 10 Things To Know
- At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.82, and then fell further to 71 against the American currency, down 54 paise over its previous closing price.
- Strength of the US dollar against other overseas currencies and foreign fund outflows weighed on the rupee, forex traders were quoted as saying in the PTI report.
- On Wednesday, foreign and domestic funds withdrew net equities worth Rs. 357.82 crore and Rs. 791.59 crore respectively, showed provisional data from the National Stock Exchange (NSE).
- The sentiment in rupee trade was also affected by the domestic equity markets trading with losses. At 10:19 am, the S&P BSE Sensex traded at 35,513.46, down 370.95 points or 1.03 per cent, and the Nifty50 index of NSE was at 10,659.35, with a loss of 123.55 points or 1.15 per cent.
- A fall in oil prices failed to support the rupee. US West Texas Intermediate (WTI) crude futures were at $52.66 per barrel at 0140 GMT or 7:10 am IST, down 23 cents, or 0.4 percent, from their last close. International Brent crude oil futures were down 7 cents, or 0.1 per cent, at $61.49 per barrel.
- Most Asian currencies fell on concerns over slowing global growth and a lack of resolution in the China-US trade war.
- Meanwhile, bonds rose to over 8-month highs as rate hike fears faded after the Reserve Bank of India promised to keep buying government bonds to infuse liquidity, and also mentioned the probability of changing its rate stance if inflation risks do not mature.
- The 10-year benchmark bond yield fell to as low as 7.38 per cent, its lowest since April 11 and compared with its previous close of 7.44 per cent.
- The rupee will weaken over the six next months as uncertainty builds heading into national elections due in May, a Reuters poll revealed on Thursday.
- Despite a few recent advances, the rupee is on track for its worst yearly performance in five years in 2018 and is forecast to weaken further, the poll stated. (With agency inputs)
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