Rupee opened weak in the early trade Thursday, losing 19 paise at 73.34 per US dollar versus 73.15 yesterday as a global equity rout is set to hurt domestic equities.
Rupee opened weak in the early trade Thursday, losing 19 paise at 73.34 per US dollar versus 73.15 yesterday as a global equity rout is set to hurt domestic equities. On Wednesday, plunge in global crude oil prices supported the rupee as it ended 41 paise higher against Tuesday’s close of 73.56.
“Falling-crude is assisting the Indian Rupee, even with a higher Dollar & declining equities. Global stocks are facing a grim situation, though U.S. markets would face more corrections than their emerging counterparts (as the latter have already been facing one since more a month now). EUR had a deep fall yesterday (almost 0.7%) on concerns over the pace of economic growth in Europe,” said Hiren Sharma of Portia Advisory Services LLP.
Meanwhile, BSE Sensex plunged over 300 points to a low of 33,712.09 points in opening trade on Thursday. The BSE market breadth was bearish with 937 declines and 273 advances. The NSE Nifty gave up the 10,200 mark and opened at 10,135.05 points. All the sectoral indices traded in the red on the National Stock Exchange. The shares fell moderately in Asia on Thursday after another torrent of selling on Wall Street sent the Dow Jones Industrial Average plummeting more than 600 points, erasing its gains for the year.