<!-- Facebook Pixel Code --> <script> !functionundefinedf,b,e,v,n,t,s) {ifundefinedf.fbq)return;n=f.fbq=functionundefined){n.callMethod? n.callMethod.applyundefinedn,arguments):n.queue.pushundefinedarguments)}; ifundefined!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElementundefinede);t.async=!0; t.src=v;s=b.getElementsByTagNameundefinede)[0]; s.parentNode.insertBeforeundefinedt,s)}undefinedwindow, document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbqundefined'init', '354966008428866'); fbqundefined'track', 'PageView'); </script> <noscript><img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=354966008428866&ev=PageView&noscript=1" /></noscript> <!-- End Facebook Pixel Code -->

Friday, August 31, 2018

Indian rupee at fresh record low, breaches 71 for the first time


Rupee opened at a fresh record low of 70.95 per dollar versus previous close 70.74

The Indian rupee breached the 71 mark for the first time in the morning trade Friday. It has opened at a fresh record low of 70.95 per dollar versus previous close 70.74.

Yesterday the rupee ended at fresh life time low of 70.74 the dollar due to month-end demand for the US currency from importers and rising crude oil prices.

However, during the day the rupee slipped to a record low of 70.90 to a dollar.


VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities said, “Indian Rupee has depreciated around 11% year to date. Higher crude oil prices, demand from defense and oil marketing firms have contributed to the latest bout of weakness."

Rupee was overvalued on trade weighted real effective exchange rate. We are not overly concerned about the rupee beyond 72 level. Robust FDI flows in e-commerce companies, healthy forex reserves may limit the downside of the rupee,” he added.

On Thursday, rupee fell to fresh record low levels of 70.80 in the intraday session. The currency in the last few sessions has come under pressure following dollar demand by oil marketing companies and defence related buying. Apart from domestic dollar demand, weakness in Asian currencies also weighed on the rupee, said Motilal Oswal.

Yesterday, Turkish Lira fell by over 5% as resignation of the deputy central bank governor intensified market concerns over the direction of monetary policy. On the other hand, Argentina Peso fell after its central bank raised rates to 60% as it struggles to repay heavy government borrowing.

For the day, rupee is expected to quote in the range of 71 and 71.50 (Sept), it added.

If you need more information about the Stock Market: 

Visit: http://www.tradeindiaresearch.com 

Call On TOLL FREE Number: 9009010900 

Whatsapp User Join Our Group: 9300421111

Source: https://www.moneycontrol.com/news/business/markets/indian-rupee-at-fresh-record-low-breaches-71-for-the-first-time-2901061.html
at
Labels: , , , , ,

1 comment:

  1. RiyaFebruary 8, 2019 at 4:26 PM

    MMMFS STOCK FUTURE SELL SRTRANSFIN BELOW 1076 TGTS 1073.50-1071-1068.50 SL AT 1080.10 LS 600
    STOCK FUTURE SELL SRTRANSFIN ACHIEVED TGT1 BOOK SOME PROFIT@ 1073.50
    Premium Future Tips

    ReplyDelete

Subscribe to: Post Comments (Atom)

Closing Bell: Sensex ends 192 pts lower, Nifty below 11,600 even as RBI cuts rate

Market at close:  Benchmark indices ended lower but off day's low after Reserve Bank of India (RBI) slashed repo rate by 25 bps to 6...