D-Street continues to be volatile amid weak rupee, high crude prices; Nifty around 11,500

Selloff in banks, FMCG, metals as well as names in the midcaps space are weighing on indices. Higher crude oil prices as well as a bearish rupee continue to spook investors.

After witnessing a positive opening, the rupee has resumed its downward momentum, and hit a fresh record low 71.72.

The currency had opened higher by 18 paise at 71.40 per dollar against its previous close 71.58. It plunged 37 paise to end at a record low of 71.58 on Tuesday.

“The rupee continues to make a new record low on account of crisis in the emerging market currencies.

Further consistent rise in the crude oil prices and dollar index has kept sentiments bearish. There are talks of rupee moving towards 72-73 levels hence there is lot of speculative dollar buying in the market which is driving the currency lower every day,” Rushabh Maru - Research Analyst at Anand Rathi Shares and Stock Brokers said in a statement.

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Source:https://www.moneycontrol.com/news/business/markets/market-live-d-street-continues-to-be-volatile-amid-weak-rupee-high-crude-prices-nifty-around-11500-2917841.html