Rupee trades marginally lower; Union Budget, RBI monetary policy to set future direction

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Published: January 23, 2020 11:30:14 AM

Foreign institutional investors sold equities worth Rs 176.43 crore, while domestic institutional investors (DII) sold equities worth Rs 326.22 crore on a net basis on Wednesday

The rupee opened marginally lower at 71.22 against the US dollar on Thursday as compared to the previous close of 71.19 a dollar.  At 10.55 AM, the rupee was trading flat at 71.20 against the US dollar, down 0.01 per cent. On the year to date (YTD) return basis, the Indian rupee has weakened by 0.24 per cent. “We expect USDINR to trade between 70.80-71.60 levels till month-end and the further course of action will depend on the upcoming budget and RBI monetary policy,” V K Sharma, Head PCG & Capital Markets Strategy said.

In the domestic equity market, Sensex and Nifty were trading higher on Thursday. S&P BSE Sensex was trading 80 points up at 41,196 while broader Nifty 50 index was ruling at 12,153 points, up 0.39 per cent or 47 points.

Oil prices fell more than one per cent on concern that spread of a flu-like virus from China may lower fuel demand if it stunts economic growth. Brent crude futures were down 82, or 1.3 per cent, to $62.39 a barrel, and earlier dropped to the lowest since December 4 after falling 2.1 per cent the previous session. US West Texas Intermediate futures fell 86 cents, or 1.5 per cent, to $55.88 a barrel after earlier falling to the lowest since December 3.

Foreign institutional investors sold equities worth Rs 176.43 crore, while domestic institutional investors (DII) sold equities worth Rs 326.22 crore on a net basis on Wednesday, as per the provisional exchange data showed. 

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