Rupee declines by 42 paise to 81
时间:2024-06-26 20:46:24 阅读(143)
The rupee fell by 42 paise to close at 81.82 against the US dollar on Monday, snapping its two-session gaining streak as heavy selling in domestic equities and a spike in crude oil prices weighed on the local unit.Besides, a stronger greenback against key rivals and weak macro data put pressure on the domestic currency, forex dealers said.
At the interbank foreign exchange market, the local currency opened weak at 81.65, fell further to 81.98 against the American currency. It finally ended at 81.82, down 42 paise over its previous close. In the previous session, the rupee settled at 81.40 against the greenback.
“Indian rupee depreciated by 0.51% today on weak domestic markets and surge in crude oil prices. Disappointing macroeconomic data also weighed on Rupee,” Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, said.India’s Manufacturing PMI slipped to 55.1 in September, trailing estimates of 55.80 and previous month’s reading of 56.2.The rupee started the month on the back foot following higher crude oil prices and sour risk sentiments. However, the volatility and volumes remained lower amid the holiday truncated week.
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In the near term, spot USD/INR is expected to trade in the range of 82.30 to 81.10 with bias remaining on the bullish side, Dilip Parmar, Research Analyst, HDFC Securities, said.On the domestic equity market front, the 30-share BSE Sensex dropped 638.11 points or 1.11 per cent to end at 56,788.81, while the broader NSE Nifty fell 207 points or 1.21 per cent to 16,887.35.Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.30 per cent to 112.45.Global oil benchmark Brent crude futures surged 4.12 per cent to USD 88.65 per barrel.
Foreign institutional investors were net buyers in the capital market on Monday as they bought shares worth Rs 590.58 crore, as per exchange data.After infusing funds in the last two months, foreign investors turned sellers again in September and pulled out Rs 7,600 crore from the Indian equity markets amid a hawkish stance by the US Fed and sharp depreciation in the rupee.
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- falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world’s top oil importer. Brent crude futures crawled up 16 cents, or 0.2%, to $80.10 a barrel at 0022 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, also 0.2% higher, to $73.54 a barrel.
Last Friday, WTI and Brent slid 3% after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China’s recovery remains a key driver for oil prices.
“If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies,” Birol told Reuters on the sidelines of a conference in India.Price caps on Russian products took effect on Sunday, with the Group of Seven (G7), the European Union and Australia agreeing on caps of $100 per barrel on diesel and other products that trade at a premium to crude, and $45 per barrel for products that trade at a discount, such as fuel oil.
“For the moment, the market expects non-EU countries will increase imports of refined Russian crude, thus creating little disruption to overall supplies,” ANZ analysts said in a client note. “Nevertheless, OPEC’s continued constraint on supply should keep the market tight,” they said.
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