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Rupee Ends Lower At 71.02: 10 Things To Know

According to analysts, profit booking in domestic stock markets and unabated foreign fund outflows kept investors edgy.

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Rupee Ends Lower At 71.02: 10 Things To Know

On Friday, the rupee had closed at 70.88 against the greenback.

The rupee settled 14 paise lower against the dollar on Monday. The local currency opened on a weak note at 71.00 and fell further to a low of 71.09 against the American currency. The domestic currency finally settled at 71.02 against the dollar. According to analysts, profit booking in domestic stock markets and unabated foreign fund outflows kept investors edgy. On Friday, the domestic currency had closed at 70.88 against the greenback.
Here are 10 things to know about rupee:
  1. According to analysts, market sentiment remained fragile ahead of the US-China trade meeting.
  2.  "Indian rupee weakened along with other emerging Asian currencies against the dollar as fresh doubts over US-China trade talks resurfaced after a report said that Beijing may be reluctant on agreeing to a broad deal," said V K Sharma, Head, PCG & Capital Market Strategy, HDFC securities.    
  3. Mr Sharma further said "spot dollar-rupee has been trading in the tight range with thin volume ahead of the holiday of "Dusshera". 
  4. The forex market will remain closed on Tuesday on account of Dussehra.  
  5. According to Amit Pabari, Managing Director, CR Forex Advisors, an oversubscribed IRCTC IPO allotment due on October 9 can pullback some foreign funds in the coming day's thereby building pressure on the rupee. Indian Railway Catering and Tourism Corporation (IRCTC) saw huge demand for its shares in the initial public offering (IPO) which closed on Thursday.
  6. "We expect the rupee to seesaw in its comfort zone of 70.40-71.40 levels and a breakout in the range shall bring in sharp moves of about 50-80 paise in the rupee," Mr Pabari added.
  7. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.07 per cent to 98.87.    
  8. Meanwhile, the S&P BSE Sensex and NSE Nifty 50 indexes fell for sixth day in a row on Monday. The Sensex ended 141 points or 0.38 per cent higher at 37,532 and the NSE Nifty 50 index declined 0.43 per cent or 48 points to close at 11,126.
  9. Foreign institutional investors (FIIs) remained net sellers in equities, offloaded shares worth Rs 494.21 crore on a net basis, according to provisional exchange data. On Friday, FPIs had sold equities worth Rs 682.93 crore on net basis.    
  10. Brent futures, the global oil benchmark, soared 1.01 per cent to $ 58.96 per barrel.    




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