Rupee Ends At Over 8-Month Low Against Dollar: 10 Things To Know
Here are ten things to know about rupee-dollar rate today:
- With today's fall, the rupee has hit the lowest level since December 14, when it had closed at 71.90 against the dollar.
- China's yuan fell to fresh 11-year lows on Thursday amid worries about the deepening Sino-US trade war. Spot yuan ended the domestic session down 0.34 per cent at 7.0875 per dollar, its weakest such close since March 14, 2008.
- "Indian rupee fell to its lowest level since December 14, 2018, mirroring a sudden drop in Chinese yuan and a fall in domestic equity. The mood of the market changed after the chief economic advisor said (there is) no need for (fiscal) stimulus," PTI quoted VK Sharma, head PCG & capital markets strategy, HDFC Securities as saying.
- The dollar index edged higher today after minutes from the Federal Reserve's July meeting showed most policy makers viewed their interest-rate cut as part of a mid-cycle adjustment, while they remained confident in a sustained US economic expansion, Mr Sharma added.
- The dollar index -- which gauges the greenback's strength against a basket of six currencies -- rose 0.02 per cent to 98.31.
- Brent crude futures, the global oil benchmark, rose 0.75 per cent to trade at $60.75 per barrel.
- Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs. 902.99 crore on Thursday, NSE's provisional data showed.
- The domestic equity markets slumped to their lowest levels in around six months on the back of a broad-based selling pressure.
- The Sensex slumped 587 points to close at 36,473, its lowest closing level since March 5 and the Nifty50 dropped 177 points to settle at 10,741, its lowest level since February 20.
- The 10-year government bond yield ended 1 basis point lower at 6.56 per cent on Thursday.
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