Rupee recovers marginally from Thursday's battering

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
    Rupee recovers marginally from Thursday's battering
    INR
    71.934 US Dollar
    The rupee recovered marginally by 4 paise in trade and was trading at 54.83 against the dollar. Today's recovery was after the huge slide on Thursday following a sell-off in domestic equities.
     

    Dealers say that the rupee is likely to come under pressure as foreign flows dry up as India's economic fundamentals continue to deteriorate.

    On Thursday foreign funds net sold to the tune of Rs 326 crores. In fact, there have been very few days in 2013 when foreign funds have net sold in Indian equities.

    India's CAD rose to a historic high of 6.7 per cent of GDP in the last quarter ending December 31, 2012. Dealers are worried that the worsening CAD could continue to put pressure on the rupee. The good news, however, is that international prices of crude oil is dropping, which should provide relief to India's import bill and hence the trade deficit.

    GoodReturns.in

    Read more about: dollar currency
    Story first published: Friday, April 5, 2013, 10:15 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more