The Indian rupee turned weaker against the US dollar on Friday tumbling as much as 31 paise as the benchmark BSE Sensex index slipped 286 points today.
The Indian rupee turned weaker against the US dollar on Friday tumbling as much as 31 paise as the benchmark BSE Sensex index slipped 286 points today. The rupee opened on a positive note today rising for the fourth consecutive day in the morning trades on Friday. The domestic currency was on a rising streak since Monday this week but finished 31 paise lower vs the US dollar today. The rupee shed 31 paise at 64.22 apiece US dollar at the interbank foreign exchange market on Friday. During the day, the rupee hovered in the range of 63.82 to 64.23 against the US dollar. The Reserve Bank of India fixed the reference rate of the rupee at 63.9097 against the US dollar on Friday.
In the early morning deals today, the rupee got appreciated by 9 paise to 63.82 after opening marginally up at 63.89 against the US dollar. However, over the course of this week, the Indian rupee had advanced 18 paise vs the US currency with the major rise coming in last two day’s when rupee gained 41 paise. Earlier yesterday, the rupee tripped below the 64-mark for the first time in the month of February gaining as much as 18 paise to close at 63.91 against the US dollar. On Thursday, the inflation based on wholesale prices eased to a six-month low of 2.84% in January on cheaper food articles even as vegetable prices continued to rule high.
In the meantime, the US dollar slipped to its lowest levels in more than three years against a basket of currencies on Friday, headed for its biggest weekly loss in two years as negative sentiment offset any support the greenback could take from rising Treasury yields, Reuters said in a report.
Indian stock markets finished on a negative note with the Sensex losing as many as 286 points and Nifty concluding below 10,500-mark. The S&P BSE Sensex tumbled 286.71 points or 0.84% to close at 34,010.76 whereas NSE Nifty lost 93.2 points or 0.88% to end at 10,452.3. Shares of heavyweight companies such as ICICI Bank, Reliance Industries, L&T, State Bank of India, Maruti Suzuki, HDFC, ITC, Yes Bank, IndusInd Bank, Axis Bank, Tata Motors, and Bharti Airtel contributed heavily in the Sensex plunge, jointly washing away as many as 270 points out of the index.