The rupee hit an intraday low of 70.95 against the dollar on Monday
Mumbai: The rupee on Monday plunged by 43 paise to close at a nearly one-month low of 70.92 against the US dollar, reported news agency Press Trust of India (PTI). The fall came amid weak industrial output growth data, a fall in domestic equity markets and sustained foreign fund outflows. Weakness in the dollar against major peers overseas and a fall in crude oil prices, however, capped the losses in the rupee.
Here are ten things to know:
- At 70.92, the rupee registered its lowest closing level since December 17, when it had ended at 71.56 against the dollar.
- The rupee opened on a firm note at 70.50 and touched a high of 70.44 against the dollar in early trade, before reversing those gains to hit an intraday low of 70.95.
- "Weaker economic data, fall in domestic equity and foreign fund outflow weighed on the rupee sentiment", Press Trust of India quoted VK Sharma, head PCG and capital markets strategy, HDFC Securities, as saying.
- Industrial output growth dropped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, said government data on Friday.
- Meanwhile, the government announced key macroeconomic data - wholesale and retail inflation - on Monday.
- Wholesale inflation eased to an eight-month low of 3.80 per cent in December, government data showed during market hours on Monday. Consumer inflation came in at 2.19 per cent in December, separate data showed post-market hours.
- Brent, the global benchmark for crude oil, was last seen trading 1.4 per cent lower at $59.63 per barrel.
- The S&P BSE's benchmark index Sensex finished 156.28 points lower at 35,853.56, while the NSE Nifty ended at 10,737.60, 57.35 points lower from Friday's close.
- The dollar index, which gauges the greenback's strength against a basket of six currencies, dipped 0.11 per cent to 95.56.
- Meanwhile, foreign funds sold shares worth Rs 687.20 crore on a net basis Friday, while domestic institutional investors net purchased equities to the tune of Rs 123.17 crore, provisional data from the NSE showed.
(With agency inputs)
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