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Rupee Closes Lower At 71.77 Against Dollar: 10 Things To Know

The rupee opened lower at 71.50 a dollar and touched an intraday low of of 71.87 before settling at 71.77 against the American currency.

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Rupee Closes Lower At 71.77 Against Dollar: 10 Things To Know

On Tuesday, the rupee had jumped by 54 paise to finish at 71.48 against the dollar.

The rupee on Wednesday fell 29 paise against the US dollar. The depreciation in the home currency came on fears of an impending global recession which prompted investors to stick to safe-haven assets like the Japanese yen and gold. The rupee opened lower at 71.50 a dollar and touched an intraday low of of 71.87 before settling at 71.77 against the American currency. Rising crude oil prices and weakness in the equity market put further pressure on the domestic currency, forex dealers said.
Here are 10 things to know:
  1. With the US-China trade talks showing no signs of a resolution, chances of the global economy tipping into a slowdown remain quite high, analysts said.
  2. "Global sentiments remained muted with uncertainty around the US-China trade deal and growth," news agency PTI quoted Sunil Sharma, chief investment officer, Sanctum Wealth Management as saying.
  3. Global equities struggled while gold and yen held on to gains following the latest inversion of yield curves of US Treasury bonds, which is seen as a signal of an approaching recession, analysts added.
  4. Brent crude futures, the global oil benchmark, gained 1.21 per cent to trade at $60.23 per barrel.
  5. The dollar index -- which gauges the greenback's strength against a basket of six currencies -- rose 0.10 per cent to 98.09.
  6. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 923.94 crore on Tuesday, as per NSE's provisional data.
  7. Meanwhile, domestic benchmark indices snapped their three-day winning run amid losses in metals, energy, banking and auto shares.
  8. The BSE Sensex settled 189 points lower at 37,451 and the broader NSE Nifty fell 59.25 points to close at 11,046.10.
  9. The yield on government of India's 10-year benchmark bond rose 4 basis points to close at 6.57 per cent.
  10. On Tuesday, the rupee had jumped by 54 paise to finish at 71.48 against the dollar.




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