Only RBI is supporting the rupee whereas the flows have completely dried out. Foreign Portfolio Investors (FPIs) proceed the sell-mode for equities and buy-mode for US greenback.
Only RBI is supporting the rupee whereas the flows have completely dried out. Foreign Portfolio Investors (FPIs) proceed the sell-mode for equities and buy-mode for US greenback.
The rupee slipped 10 paise to 77.78 towards the US greenback in early commerce on Thursday, as elevated crude oil costs and protracted international capital outflows weighed on investor sentiments.
At the interbank international trade, the rupee opened at 77.74 towards the American greenback, then misplaced floor to cite at 77.78, registering a fall of 10 paise from the final shut.
On Wednesday, the rupee recovered from its report low to shut 10 paise greater at 77.68 towards the American foreign money.
Rupee is hovering round its lifetime low of 77.78 towards the US greenback monitoring the energy of the American foreign money within the abroad market and agency crude oil costs.
Rupee opened on a bearish observe as crude oil neared USD 125 per barrel, Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, mentioned.
“Only RBI is supporting the rupee while the flows have totally dried out. Foreign Portfolio Investors (FPIs) continue the sell-mode for equities and buy-mode for US dollar,” Mr. Bhansali mentioned.
Moreover, Asian currencies are buying and selling on a weak observe, Mr. Bhansali mentioned, including that there’s “no effect of a rate hike by RBI on Wednesday on the rupee as buyers of the dollar are in abundance.” Global oil benchmark Brent crude futures rose 0.26% to USD 123.90 per barrel.
Meanwhile, the greenback index, which gauges the dollar’s energy towards a basket of six currencies, was buying and selling 0.01% decrease at 102.52.
On the home fairness market entrance, the 30-share Sensex was buying and selling 163.34 factors or 0.30% decrease at 54,729.15, whereas the broader NSE Nifty declined 41.00 factors or 0.25% to 16,315.25.
Foreign institutional traders had been web sellers within the capital market on Wednesday as they offloaded shares price ₹2,484.25 crore, as per inventory trade information.
Source: www.thehindu.com
