Rupee Pares Opening Gains; Trades Lower At 71.57

The Indian rupee in Wednesday's trade opened with gains of 25 paise at 71.45 versus its previous close of 71.70 per US dollar.

On Tuesday, the domestic currency came under further pressure as economic slowdown concerns as well as grim outlook globally continued to weigh. At the closing, rupee touched a new 6-month low of 71.71 against the greenback.

Nonetheless, there remain high hopes that sometime soon the centre will come up with sector specific reform measures for boosting consumer demand across sectors and revive the ailing economy.

Further, investors sentiment has been hit on account of a host of factors including massive FII exodus, all-pervading economic slowdown and weakness across emerging market currencies.

In the bond markets, the yield on 10-year government bonds stood at 6.57%.

Meanwhile, Indian equities market opened almost flat, Sensex at the opening was down 19.64 points at 37,308.37, while Nifty traded lower by 10.90 points at 11,006.10.

GoodReturns.in