Rupee opened on a weak note Thursday as the domestic currency plunged 33 pasie versus the US dollar.
Rupee opened on a weak note Thursday as the domestic currency plunged 33 pasie versus the US dollar. The rupee opened at 70.79 per dollar on Thursday versus previous close 70.46. On Wednesday, the Reserve Bank of India, as widely expected, kept its key policy rate unchanged at 6.50 percent in its monetary policy review on Wednesday.
Meanwhile, Sensex and Nifty opened negative on Thursday on weak global cues and after RBI refused to soften stance and continued to hold rates. The 30-share Sensex plunged about 250 points in the opening trade to 35,627.93, while the broader Nifty 50 was trading above the 10,700-level. Yes Bank share price plunged more than 2.5% in the opening trade.
Along with weakness in global stock markets, the prices of oil fell on Thursday. However, trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a cut inj supply aimed at draining a glut that has pulled down crude prices by 30 percent since October. The US West Texas Intermediate (WTI) crude futures were at $52.66 per barrel at 0140 GMT, down 23 cents, or 0.4 percent, from their last close,Reuters reported. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel.