Rupee Edges Lower To Close At 68.82 Against Dollar
The rupee ended 11 paise lower against the US dollar on Wednesday, after hovering in a range of 25 paise against the greenback during the session. The rupee moved between 68.63 and 68.88 against the US currency at the strongest and weakest levels in intraday trade, before settling at 68.82 for the day. Rising crude oil prices and foreign fund outflows weighed on the rupee, news agency Press Trust of India (PTI) reported citing traders. On Tuesday, the rupee had declined by 17 paise - or 0.25 per cent - to finish at 68.71 against the dollar.
Here are 5 things to know about rupee-dollar rate today:
1. The rupee opened on a cautious note and fell by 9 paise to 68.80 against the dollar in early trade. However, weakening of the American currency vis-a-vis other currencies overseas supported the rupee to some extent.
2. "The rupee slipped along with other emerging-market currencies amid better than expected US economic data. The foreign fund outflows from the domestic equity market also weighed on the rupee. For the month, they have sold $770 million in the equity market," news agency quoted VK Sharma, head PCG & capital markets strategy, HDFC Securities, as saying.
3. Brent crude futures, the global oil benchmark, climbed 1.07 per cent to $65.04 per barrel.
4. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 16.97 crore on Wednesday, as per provisional data on the NSE.
5. Meanwhile, the S&P BSE Sensex and NSE Nifty 50 Indices rose for a third session in a row led by gains in banking and FMCG heavyweights. The Sensex ended 85 points or 0.22 per cent higher at 39,216 and the NSE Nifty 50 Index advanced 25 points or 0.21 per cent to 11,688.
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