Indian rupee hits fresh record low of 70.82 per dollar; down 10% this year

The rupee has fallen by 10 percent this year so far - making it the worst-performing currency in Asia.

After a marginal gap down opening the Indian rupee touched a record low of 70.82 per dollar during intraday on Thursday.

It has opened marginally lower at 70.63 per dollar versus previous close 70.59.

Vivek Rajpal, Asia interest rates strategist, Executive Director, Nomura said, "One big reason why INR is behaving in this fashion is due to its sensitivity to oil prices which is very high. The market is generally differentiating between the current account deficit and current account surplus nations. In a way, INR is suffering due to current account deficit and its price sensitivity to oil prices."

"We expect the INR to head towards Rs 71-72/USD but in the near-term there is a higher likelihood of consolidation at current levels," he added.


On Wednesday, the rupee closed at a historic low of 70.59 after it plunged to all-time low of 70.65 on the back month-end dollar demand from importers and foreign capital outflows.

Yesterday rupee posted a biggest single session decline against US dollar since August 13, 2018.

The rupee has fallen by 10 percent this year so far - making it the worst-performing currency in Asia.

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Nifty jittery ahead of F&O expiry, Sensex sheds 38,750; midcaps gain

A sharp selloff in the last hour of trade weighed on equity benchmarks on Wednesday, with the Nifty giving up 11,700-mark. Weakness among giant index names such as Reliance Industries, HDFC Bank, and Infosys, among others, dragged the market lower as well.

Banks had a negative impact on the market, along with energy stocks, infra, IT and pharmaceutical names. However, PSU banks and metals tried to offset the losses, but bulls had the tide in their favour.

However, there was a strong upmove in the broader markets, with the Nifty Midcap index ending just around half a percent higher. The index had managed to soar a percent during the day’s trade.


Rise in crude oil prices due to withholding of supply by Iran as well as a depreciating rupee too added to the negative sentiment. The Indian currency managed to fall to a fresh record low of 70.57 per US dollar. Analysts that Moneycontrol spoke to attributed this to the month-end dollar demand by oil companies.

As such, all other factors are supportive of the currency. It could see appreciation after one or two days once this demand is out of the market,” Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers told Moneycontrol. For the very short term, he expects support to be around 70.20/USD and resistance around 70.75/USD.

The day began on a flat note, with some weakness seen in banks. Throughout the day, equities traded flat, but a selloff in index heavyweights such as RIL and HDFC Bank, among others, dragged them lower.

At the close of market hours, the Sensex closed 173.70 points or 0.45% lower at 38722.93, while the Nifty fell 46.60 points or 0.40% at 11691.90. The market breadth is negative as 1,275 shares advanced, 1,415 shares declined, while 172 shares were unchanged.

ONGC, SBI, Bajaj Finance and UPL are the top gainers, while Coal India, RIL and Power Grid have lost the most.

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Source:https://www.moneycontrol.com/news/business/markets/an-evening-walk-down-dalal-street-nifty-jittery-ahead-of-f-midcaps-gain-2894491.html

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