The Indian rupee dropped 15 paise nearing the 65-mark against the US dollar on Wednesday as the benchmark BSE Sensex index tripped from day’s high in the late morning trades. The rupee shed as much as 15 paise to 64.94 apiece US dollar at the interbank foreign exchange market on Wednesday. In today’s opening session itself, the domestic currency lost about 15 paise to begin at 64.94 against the US dollar. The rupee was trading lower vs the US dollar ahead of the minutes of Reserve Bank of India’s latest policy meeting due later today. At today’s low of 64.94 against the US dollar, the rupee was at lowest since 22 November 2017. The Rupee touched a low of 64.96 against the US currency.
Earlier yesterday, the rupee faced a heavy jolt against the US dollar tumbling as much as 58 paise to hit the lowest level since November 2017 as the extended sell-off by foreign investors in the domestic equity markets weighed. The Reserve Bank of India fixed a reference rate of 64.5254 against the US dollar on Tuesday. The rupee plunged about 64 paise to a three-month low of 64.85 before settling down 58 paise at 64.79 vs US dollar on Tuesday.
The dollar inched higher on Wednesday as the near-term focus shifted to the minutes of the Federal Reserve’s last policy meeting for hints on the future pace of U.S. monetary tightening, Reuters said in a report. The dollar index rose 0.1% to 89.805, which was up about 1.8% from Friday’s three-year low of 88.251. While on the other hand, oil prices fell on Wednesday, weighed down by a rebound in the US dollar from three-year lows hit last week and an expected rise in US oil production, Reuters added. The WTI crude fell 1.1% to $61.11 per barrel while Brent crude slipped to $64.69 per barrel.
Meanwhile today, Indian stocks markets fell off from day’s high in the late morning session with Sensex hovering around 33,750 and Nifty dealing below 10,400-mark. The S&P BSE Sensex jumped 110.24 points or 0.33% to begin at 33,813.83 while NSE Nifty added 65.6 points or 0.63% to start the day at 10,426. Among the ‘A’ group of shares, stocks of IT companies such as L&T Tech, NIIT Tech, Mindtree, Tech Mahindra and Eros International Media emerged as the top gainers rising up to 7% while on the other hand, the shares of Sun Pharma, Vakrangee, Religare Enterprises, Hindalco, Hathway Cable and Datacom declined 2-6%.