Rupee nears 82/$, sensex slides for sixth day in row – Times of India

MUMBAI: Persevering with to weaken towards the greenback, the rupee closed at a brand new life low of 81.94 towards the US foreign money after nearing the 82-level in intraday trades on Wednesday. The rupee had closed at 81.58 Tuesday. Sensex dipped for the sixth straight session, closing 509 factors down at 56,598 as overseas funds continued to promote.

Sensex dips sixth day in row, ₹ ends 6 paise wanting 82/$
Sliding for the sixth consecutive session, sensex ended 509 factors down at 56,598 on Wednesday as overseas funds continued their promoting spree and the rupee continued to weaken towards the greenback. On the NSE, the Nifty misplaced 149 factors to shut at 16,859. With the RBI financial coverage assembly scheduled for Friday, native buyers are additionally protecting their fingers crossed and hoping for some market-friendly steps.
The rupee closed at a brand new life low of 81.94 towards the greenback after nearing 82 degree in intraday trades. The home foreign money had closed at 81.58 on Tuesday. The greenback continued its surge towards most currencies with the yield on the 10-year US treasury bond hitting a 12-year excessive above 4%.
Sellers stated that the rupee depreciation on Wednesday was lower than different main currencies together with the Korean gained, the Chinese language yuan and Indonesian rupiah, which have been down by over 1% every. The greenback index, which displays the buck’s achieve towards six main currencies, rose to a brand new 20-year excessive of 114.8.
On Dalal Avenue, since September 20 the sensex has misplaced 3,120 factors as overseas funds have stepped up promoting. Throughout this era, overseas portfolio buyers (FPIs) have web bought shares price Rs 15,560 crore. In consequence, the month-to-month flows have once more turned unfavourable for September to Rs 1,654 crore after recording web inflows in July and August, information from CDSL and BSE confirmed.
The latest spate of promoting on Dalal Avenue got here on the again of buyers globally shifting to a risk-off mode following US Federal Reserve‘s choice to aggressively increase charges sooner or later to tame inflation, even when that comes at the price of progress and employment.
In line with Geojit Monetary Providers head (analysis) Vinod Nair, buyers continued to be sceptical of the home market’s larger premium amid the continued world deceleration, whereas overseas buyers are fleeing rising economies seeking safer havens. “Though the home financial system is buoyed by strong fundamentals, the inventory market’s urge for food for threat has been hindered by the rising worries of a worldwide recession,” Nair stated.
The day’s session left buyers poorer by Rs 1.7 lakh crore, whereas within the final six periods whole wealth erosion has been Rs 15 lakh crore with the BSE’s market capitalisation now at Rs 271.3 lakh crore.

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