Rupee falls to nine-month low; hovering near all-time low
DSIJ Intelligence / 24 Nov 2016
The Indian rupee opened at nine-month low on Thursday. The rupee declined about 18 paise to 68.74 per USD. On Wednesday, the rupee closed at 68.57 a dollar, down about 0.45 per cent from its previous close of 68.26.
The Indian rupee opened at nine-month low on Thursday. The rupee declined about 18 paise to 68.74 per USD. On Wednesday, the rupee closed at 68.57 a dollar, down about 0.45 per cent from its previous close of 68.26. The rupee is currently trading very close to its all-time low of 68.85 against USD.
Along with rupee, majority of the Asian currencies fell about half a per cent against USD after stronger than expected US data and Federal Open Market Committee minutes reinforcing speculation that the FED will raise rates in December, 2016.
In November, foreign portfolio investors sold Rs 11955 crore net in equities and Rs 11605 crore net in bonds, according to NSDL. Meanwhile, the Reserve Bank of India was seen intervening heavily in the currency market, a move aimed at curbing intra-day volatility.
BSE Sensex and Nifty declined about half per cent on Thursday first half. BSE Sensex and Nifty are trading at 25959 and 7996, respectively on intraday basis. All the sectoral indices are in the red, except IT and metals. With the USD gaining against the rupee, the IT index gained more than half per cent and was trading at 9,366.72 on intraday basis.
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