Rupee drops to a record low of 83.31 against the US dollar amid rise in Treasury yields
rupee closed 1 paise lower at 83.28 against the American currency. “Rupee is expected to depreciate amid rise in dollar. The hawkish comments from the US Federal Reserve Chairman Jerome Powell has reinforced the possibility of another rate hike.
Meanwhile, focus will shift towards next weeks key US CPI data," ICICI Direct said in a note. It expects USDINR to consolidate in between 83.10-83.40. “Only a move above 83.40 it would open the doors towards 83.50.
Similarly below 83.10 it would weaken towards 82.90," the brokerage said. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Brent crude futures, the global oil benchmark, rose 0.57% to $80.47 per barrel. A weak trend in the domestic equity market and selling pressure from foreign investors also kept the Indian currency range-bound.
In the domestic equity market, the Sensex traded 98.63 points, or 0.15%, lower at 64,733.57, while the Nifty 50 fell 23.70 points, or 0.12%, to 19,371.60 According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Thursday as they offloaded shares worth ₹1,712.33 crore. Catch Live Market Updates here Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.Milestone Alert!
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