The rupee plumbed a new historic low for the second day running on Tuesday to touch an all-time low of 58.98 against the US dollar, and future contracts signalled some more depreciation was ahead.
A weaker rupee, which has fallen by over 5% since May, will make studying or travelling overseas costlier by making buying dollars expensive. It will also push up prices of all imported goods such as crude oil.
HT reports.
India’s debt market, which trades in fixed-income bonds, is on the cusp of a change that will see such securities being traded more easily and freely, the way equity shares are traded through electronic listing and convenient storage.
The Indian rupee closed at a new record low of 58.15 to a dollar today - a drop of 110 paise over the previous close - and looked on course to the breach the 60 to dollar mark amid strong signs of recovery in the United States (US) that is prompting global investors to withdraw money from emerging economies.
With rupee plunging to life-timelow of 57.54 verus dollar, the Finance Ministry on Monday said there is an unwarranted panic in the market and hoped it will settle down in a some time.
Erasing most of its early gains, the BSE benchmark Sensex was trading higher by 33 points in the late morning trade today on buying in IT, Capital Goods, Teck and Auto counters despite selling in Consumer Durable and Helathcare counters.
The rupee today fell by a whopping 71 paise to hit a new life-time low of 57.77 in the late morning trade on persistent dollar demand from importers and and banks amid the US currency gaining overseas.
The BSE benchmark sensex ended lower by 331 pts at 6-week low to 19,429.23 on fresh selling pressure from operators mainly in Consumer Durable, Auto, Power, Banking, Refinery and PSU sectors due to fall in output amidst slowed down in foreign capial inflows.
The rupee on Friday closed below the key 57 mark against the US dollar for the first time in a year, falling 22 paise to 57.06, casting a shadow on the economy as imports become costlier, current account deficit woes worsen and inflation risks rise.
HT reports.
Erasing all early gains, the BSE benchmark Sensex today fell by over 90 points to hit a fresh one-month low as funds sold stocks of interest sensitive sectors led by realty, PSU and auto ahead of RBI policy review later this month, amid rupee slumping below 57 against dollar.
As a retail investor, do you tend to flock to high-profile gilt-edged stocks? Perhaps you should lend a thought to the mid-cap segment which, though less glamorous than their ‘large’ cousins, offer good openings. Manik Kumar Malakar reports.
RBI has advised banks not to sellgold coins to retail customers, finance minister P Chidambaram said a day after the government increased import duty on the metal amid widening Current Account Deficit.
Gold futures prices today fell by 0.39 % to
Rs. 27,771 per 10 grams as participants indulged in reducing exposures, after the government raised import duty on the metal to 8 % amid a weak trend overseas.
The rupee today slipped close to an all-time low against the US dollar amid rising demand for the greenback from importers and a sluggish flow of funds from foreign investors who have lately turned wary of India.
HT reports.
Finding its level, but where will it stop?Absence of big-bang announcements,including 4G launch-related, at Reliance Industries AGM and rupee plunging to 57- level cast a shadow on stock market today with BSE benchmark Sensex closing at 5-week low of 19,519.49.