Millennium Post

Rs down 31p to 10-month low of 62.33 against $

The rupee plunged by 31 paise to close at 10-month low of 62.33 against the Greenback following sluggish local equities amid sustained dollar demand from importers, extending losses for the fourth straight day.

Sustained capital outflows and better dollar overseas too weighed on the rupee, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed lower at 62.15 a dollar from last close of 62.02 and immediately the day's high of 62.12.

But weakness in local equities throughout the day put pressure on the rupee and it gradually decline to a low of 62.3575 before settling at 62.33, showing a fall of 31 paise — biggest fall since October 16, 2014 when it had slumped by 42 paise or 0.68 per cent— or 0.50 pct.

The dollar index was up by 0.06 per cent against its six major global rivals.

Pramit Brahmbhatt, Veracity Group CEO said,"Today (Thursday) rupee depreciated by half percent, taking cues from dollar index which is trading multi year high. Also the dollar demand from oil companies dented the rupee movement further.

Investors are being cautious ahead of consumer price inflation data due on Friday. The trading range for the Spot USD/INR pair is expected to be within 62.00 to 62.70. Foreign Portfolio Investors pulled out $6.92 million on Wednesday, as per Sebi data.

Sensex slips 229 pts as crude slide batters oil scrips

After a day’s breather, Indian stocks continued their downslide on Thursday with benchmark Sensex tumbling 229.09 points to six-week low of 27,602.01 on sharp losses in RIL and ONGC after further drop in crude oil price. Weak Asian trends on the back of overnight steep fall on Wall Street amid slow down in capital inflows weighed on the stock market sentiment.

Besides Oil&Gas, realty, IT, power and banking counters also suffered heavy losses.
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