Rupee trades lower at 83.18 against US dollar
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Analysts attributed the decline in rupee to a record rise in US Treasury yield even as US Federal Reserve Chair Jerome Powell on Thursday hinted at a longer period of monetary tightening due to higher-than-expected inflation numbers. “Trading boundaries are now set at 83.07 on the downside and 83.26 on the upside, with 83.20, appearing as a potential turnaround point for the day," Anand James, Chief Market Strategist at Geojit Financial Services, said in his USD-INR outlook.
Global oil benchmark Brent crude futures rose 0.94% to $93.25 per barrel. On the domestic front, the Indian equity market traded lower amid weak global cues.
The 30-share BSE Sensex was trading 144.7 points, or 0.22%, lower at 65,484.54. The broader NSE Nifty declined 54.10 points, or 0.28%, to 19,570.60.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they sold shares worth ₹1,093.47 crore, according to exchange data. Catch Live Market Updates here (With inputs from PTI) 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."Exciting news! Mint is now on WhatsApp Channels
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