Latest News
-
Bajaj Group Stock Declares Rs. 60/Share Dividend: Buy Ahead of Record Date On 28 June? -
Rs 45/Share Dividend: Record Date In Due Course; Buy The IT Stock For Dividend Eligiblity? -
175% Dividend: TATA Group Stock Declares Q4 Results; Buy The Rekha Jhunjhunwala Portfolio Stock? -
2:15 Bonus: Tata Group's Penny Stock Below Rs 90, Gives 2,821% Returns In 5 Years: Announces Q4 Report Card -
Rs. 240/Share Dividend: May 7 Fixed As Record Date; Buy The IT Stock To Be Eligible? -
1:5 & 1:2 Split, Rs 6/Sh Dividend: Fertilizer Stock Coming Up With 600% Payout; Record, Payment Dates Fixed -
Cube Highways Trust Set to Acquire Seven Highway Assets Worth Rs 5,172 Crore -
1:10 Split, Rs 51 Dividend: Accumulate Tata Stock, TP Rs 170; Big Update On £1.25 Bn Investment -
Tech Mahindra Sets Three-Year Plan for Robust Growth and Market Leadership by FY27 -
Tech Mahindra Q4 Net Profit Falls 41%, Announces Growth Strategy
Rupee Falls For Second Straight Session To 67.37 Against US Dollar
The inflationary concerns and widening current account deficit fears sets in as the crude oil prices rise to over three-year high. FIIs fund outflow is another reason for the plunge in rupee value.
The Indian rupee opened lower in trade on Thursday at 67.33 against dollar, down by 7 paise versus its previous close of 67.28. Rising crude oil prices has dragged the currency lower for the second straight session due to fears of worsening current account deficit (CAD) and inflationary pressure.
At 9:15 am, rupee was trading lower by 0.12% at 67.36 against dollar and touched a low of 67.37 a dollar.
Brokerage house Motilal Oswal cites fund outflows by FIIs to the tune of US$ 1.4 billion in May from both the debt and equity segment as yet another reason for the free-fall of the currency to 15-month low levels.
Meanwhile oil prices surged to the highest level since 2014 after US President Donald Trump pulled his country out of an international Iran nuclear deal that fuels fresh geopolitical uncertainty.
Market participants will closely watch crude oil price movement as it shall be the prime trigger for any sharp movement in the home currency.
Through the day, rupee is likely to trade in the range of 67.25 and 67.80. Other Asian currencies were however trading mixed.
The 10-year bond yield also rose to 7.712% in comparison to its previous close of 7.709%. Bond prices and yield move in opposite directions.
Benchmark Sensex opened the day higher by 42.12 points or 0.12% to 35361.47 even as crude oil price surged.
Goodreturns.in
