MUMBAI: Ignoring smart rise in local equities, the rupee depreciated by six paise to close at 44.95/96 against the US currency on the back of a firm dollar overseas and continued funds outflow.
Dealers said that the main reason behind the fall in the rupee was firm dollar overseas.
Moreover, persistent dollar demand from some banks and importers, mainly oil refiners, put pressure on the rupee, they said.
Some dollar sale by exporters, however, capped the fall in the rupee, they added.
FIIs remained net sellers for the ninth straight session and sold shares worth Rs 287.4 crore Wednesday as per provisional data.
The Bombay Stock Exchange benchmark Sensex shot up 177 points to 17,727 as investors ignored spurt in food inflation and a string of concerns over domestic as well as global economic growth, buying heavyweights like RIL and Infosys.
"Globally Dollar gained against the major currencies like EUR, GBP & JPY. It also traded strong against Rupee and touched a major resistance of 45.00. Local equities traded bullishly which helped rupee to end below 45 levels. Expect Rupee to trade above its resistance in coming days," Alpari Forex ( India) CEO Pramit Brahmbhatt said.
"The trading range for the USD/INR will be 44.70 to 45.20 tomorrow," he added.
At the Interbank Foreign Exchange (Forex) market, the local unit opened lower at 44.92/93 a dollar from previous close of 44.89/90 and moved in a range of 44.80 and 45.00 before concluding at 44.95/96.
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Dealers said that the main reason behind the fall in the rupee was firm dollar overseas.
Moreover, persistent dollar demand from some banks and importers, mainly oil refiners, put pressure on the rupee, they said.
Some dollar sale by exporters, however, capped the fall in the rupee, they added.
FIIs remained net sellers for the ninth straight session and sold shares worth Rs 287.4 crore Wednesday as per provisional data.
The Bombay Stock Exchange benchmark Sensex shot up 177 points to 17,727 as investors ignored spurt in food inflation and a string of concerns over domestic as well as global economic growth, buying heavyweights like RIL and Infosys.
"Globally Dollar gained against the major currencies like EUR, GBP & JPY. It also traded strong against Rupee and touched a major resistance of 45.00. Local equities traded bullishly which helped rupee to end below 45 levels. Expect Rupee to trade above its resistance in coming days," Alpari Forex ( India) CEO Pramit Brahmbhatt said.
"The trading range for the USD/INR will be 44.70 to 45.20 tomorrow," he added.
At the Interbank Foreign Exchange (Forex) market, the local unit opened lower at 44.92/93 a dollar from previous close of 44.89/90 and moved in a range of 44.80 and 45.00 before concluding at 44.95/96.
toi
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