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Rupee Off 6-Month Low, Ends At 71.27 Against Dollar: 10 Things To Know

The rupee has depreciated over 3.6 per cent against the greenback so far this month, set for its second-worst monthly loss since September 2013.

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Rupee Off 6-Month Low, Ends At 71.27 Against Dollar: 10 Things To Know

The rupee has emerged the worst performer among Asian currencies

The rupee rose to end at 71.27 against the dollar on Wednesday, rebounding from a nearly six-month low registered the previous day. After opening higher against the greenback at 71.00, the rupee appreciated by as much as 55 paise during the session, before giving up most of those gains by the end of trade on Wednesday. Strength in the equity markets along with falling crude oil prices supported the forex market sentiment however foreign investor outflows limited the upside, according to analysts.
Here are 10 things to know:
  1. The rupee moved in a range of 70.85-71.35 against the US currency before shutting shop with a gain of 13 paise. On Tuesday, the rupee had shed 62 paise to end at a near six-month low of 71.40 against the dollar.
  2. "The Indian rupee has now become Asia's worst performing currency so far this month, Chinese yuan depreciated amid trade worries and foreign investor outflows," said VK Sharma, head-PCG and capital market strategy at HDFC Securities.
  3. Oil prices declined on Wednesday, almost erasing the previous session's sharp gains after the US said it would delay tariffs on some Chinese products. Brent futures - the global benchmark for crude oil - were last seen trading down 3.4 per cent at $59.22 a barrel.
  4. On Tuesday, the Brent futures had risen 4.7 per cent in their biggest percentage gain in a day since December.
  5. Foreign institutional investors (FIIs) were net buyers of Indian shares on Wednesday. They bought shares worth Rs 1,614.63 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors also bought shares worth Rs 1,619.82 crore.
  6. Losses in the dollar overseas also supported the rupee.
  7. The dollar index - which gauges the US currency against six major peers - was last seen down 0.11 per cent at 97.7040.
  8. The rupee has emerged the worst performer among Asian currencies.
  9. It has depreciated over 3.6 per cent against the greenback so far this month, set for its second-worst monthly loss since September 2013.
  10. The 10-year government bond yield settled at 6.63 per cent on Wednesday, as against 6.53 per cent in the previous day.




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