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  1. Rupee weakens against US dollar, tumbles 17 paise as Sensex turns red for 2nd straight session

Rupee weakens against US dollar, tumbles 17 paise as Sensex turns red for 2nd straight session

The Indian rupee weakened against the US dollar tumbling about 17 paise as BSE Sensex turned red for the second straight session on Wednesday following the pessimism over PNB fraud and declines in US stock markets.

By: | Published: March 14, 2018 10:52 AM
The Reserve Bank of India has fixed a reference rate of 64.9567 apiece US dollar on Tuesday. (Image: PTI)

The Indian rupee weakened against the US dollar tumbling about 17 paise as BSE Sensex turned red for the second straight session on Wednesday following the pessimism over PNB fraud and declines in US stock markets. The rupee dropped as much as 17 paise to a day’s low of 65.06 against US dollar at the interbank foreign exchange market on Wednesday after opening marginally higher at 64.88. The Reserve Bank of India has fixed a reference rate of 64.9567 apiece US dollar on Tuesday. Earlier yesterday, the rupee surged around 15 paise to close at 64.89 against the US dollar after India’s inflation for the month of January eased to a 4-month low on the back of cheaper food articles and lower cost for fuel.

The US dollar inched down against the Japanese yen and other major currencies on Wednesday after the sudden dismissal of US Secretary of State Rex Tillerson, Reuters said in a report. The US dollar was down 0.15% against Japanese 106.440 yen, having slipped overnight from a two-week high of 107.300. The dollar index which measures the performance of US dollar against a basket of six major currencies slipped to a six-day low of 89.565.

Crude oil prices were stable on Wednesday after posting two days of declines at the start of the week as support came from a report that US crude inventories are not rising as much as expected during the spring season now starting, implying healthy demand, and from strong China data, Reuters said in a report. The WTI (West Texas Intermediate) crude traded up 0.03% at 60.73 per barrel while Brent Crude traded down 0.15% at 64.54 per barrel.

Meanwhile, India’s equity markets fell for the second straight session on Wednesday. The escalation in the fraud amount of PNB-Nirav Modi scandal and a sell-off in US stocks on Tuesday weighed on domestic markets. The BSE Sensex traded down 114.49 points or 0.34% at 33,742.29 after hitting a day’s low of 33690.61 on Wednesday.

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