Rupee continues slide; hits new low of 73.80 against US dollar

Continuing with its slide, the rupee on Thursday slipped past the crucial 73.50 levels to open at 73.70 against the US dollar. Minutes later, the currency bled further and slipped to 73.80.

The domestic currency on Wednesday plunged by 43 paise to breach the historic low of 73 level as soaring crude oil prices fuelled worries over capital outflows and widening current account deficit. The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent at the interbank foreign exchange.

Sharp volatility in the domestic equities and steep FIIs outflows from equity and debt segments keeping sentiments bearish for the rupee, said Rushabh Maru - Research Analyst , Anand Rathi Shares and Stock Brokers. "The dollar index is hovering around multi-months high as the Federal Reserve continues to raise interest rates aggressively. Focus would now shift to the RBI monetary policy meeting. There is a buzz of repo rate hike by 25 bps and possible change in the monetary policy stance by the RBI. More importantly, its guidance will be crucial. Market will also keenly watch whether the RBI announces any crucial measures to stabilize the rupee. In the near term, the rupee might trade in 72.50 and 73.80 range," Maru added.

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Rupee at fresh 15-month low, plunges 37 paise to 67.45 against US dollar

The rupee plunged by 37 paise to 67.45 against the US dollar in early trade today following surging demand for the greenback as crude oil prices zoomed past USD 76 per barrel level amid foreign capital outflows.

Forex dealers said the dollar strengthened against major global currencies overseas as crude oil prices rallied and pushed Treasury yields higher after US President Donald Trump pulled out from the international nuclear deal with Iran.

Early losses in stock market and demand for the US currency from importers also weighed on the rupee, they added.

Yesterday, the rupee gained five paise to 67.08 against the US currency on suspected RBI intervention and stray dollar demand.

Meanwhile, the benchmark BSE Sensex fell 82.12 points, or 0.23 per cent, to 35,134.20 in early trade today.

Rupee weakens 8 paise to hit 64.45 ahead of key macro data release

MARKET - The rupee lost 8 paise to hit 64.45 against the dollar on Tuesday ahead of key macroeconomic data set for release later in the day amid foreign capital outflows.

Increased demand for the American currency from importers poured cold water on the rupee, but the dollar's reduced clout against other currencies overseas limited the losses.

On Monday, the rupee had gained 8 paise to end at a fresh one-week high of 64.37 a dollar on persistent selling of the US currency ahead of release of industrial production and retail inflation data.

The benchmark BSE Sensex fell 94.02 points, or 0.28 per cent, to 33,361.77 in early session.

Market, rupee in free fall

The deteriorating economic outlook persisted to weigh on investor sentiment on Wednesday, with the fairness markets falling for the 7th straight consultation and the rupee plunging to a six-month low towards the dollar, as foreign budget persevered to pull out cash.

The benchmark Nifty fell 1.4 in step with cent on, taking its seven-day fall to four.1 according to cent.

The RUPEE five-day fall stretched to 2.4 per cent and it closed at 65.71 in opposition to the dollar, a level remaining visible on March 15. across-the-board selling was visible within the equity marketplace, with four shares declining for each one advancing at the BSE.

most Asian and emerging marketplace stocks and currencies won, indicating India’s fall became extra on account of home elements, specially on issues over monetary increase, the financial deficit, and corporate earnings.

reviews of the Indian armed forces conducting surgical strikes in Nagaland alongside India-Myanmar border additionally introduced to investor woes.

The BSE MidCap Index fell 2 in keeping with cent and the BSE 500 Index declined 1.6 per cent. each indices are down over 5 in keeping with cent within the remaining seven classes.

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