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Rupee slips 9 paise to 68.80 against the US dollar on Wednesday

The Indian rupee opened unchanged compared to yesterday's close of 68.71 against the dollar on Wednesday at the Interbank Foreign Exchange.

twitter-logo BusinessToday.In        Last Updated: July 17, 2019  | 13:07 IST
Rupee slips 9 paise to 68.80 against the US dollar on Wednesday
As per market traders, investors are cautious ahead of key earnings, amid weak cues from other global markets and unabated foreign fund outflow.

The Indian rupee opened unchanged compared to yesterday's close of 68.71 against the dollar on Wednesday at the Interbank Foreign Exchange. Later the domestic currency fell 9 paise to 68.80 against the US dollar over its previous closing amid rising crude oil prices and foreign fund outflows.

Forex traders said rising brent crude prices and foreign fund inflows weighed on the domestic currency, while weakening of the greenback vis-a-vis other currencies overseas and positive opening in domestic equities added support to the local unit and restricted the downfall.

Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a cautious note Wednesday amid weak global cues and continued foreign fund outflow, however, rose later led by gains in Bank and Media stocks.

Bullish stocks in the Sensex pack included Kotak Bank, TechM, Asian Paints, HCL Tech, Bajaj Finance and Yes Bank, while Tata Motors, Tata Steel, Hero MotoCorp, Maruti, Sun Pharma, TCS and Infosys traded bearish.

In the previous session, the 30-share index closed at 39,131.04 points, showing a rise of 234.33 points or 0.60 per cent; while the Nifty ended 74.25 points or 0.64 per cent up at 11,662.60.

The net investment of equity and debt reported by Foreign portfolio investment (FPIs) remained bearish as they sold Rs 444.99 crore from Indian equities while Domestic institutional investors (DIIs) have bought Rs 637.71 crore Tuesday.

As per market traders, investors are cautious ahead of key earnings, amid weak cues from other global markets and unabated foreign fund outflow.

YES Bank, Wipro, Tata Elexsi, Mindtree, Dhanlaxmi Bank, Birla Money, Menon Bearings, Duncan Engineering, DFM Foods and Gaurav Mercantiles are among the listed companies expected to report their June quarter results later in the day, as per data available with the exchanges.

Elsewhere in Asia, equity markets like Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the red in their respective early sessions with declines over 0.50% each. On the Singapore Exchange, SGX Nifty fell 11 points or 0.09%.

On the Wall-Street, US markets fell 0.50% on concerns of US-China trade war.

Brent Crude, the global oil benchmark, fell 4% to $64/bbl on reduced geo-political tensions between US-Iran. Later, brent crude futures, rose 0.30 per cent to USD 64.54 per barrel.

(Edited with agency inputs)

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