Rupee Vs Dollar: turmoil in both global equity and currency markets
By MYBRANDBOOK
Rupee falls against US , tracking weak domestic equity market and persistent foreign fund outflows. The rupee depreciated and steady at 71.95 against the US dollar in early trade on Thursday due to rising crude oil prices and foreign fund outflows. Brent crude futures, the global oil benchmark, declined 0.63 per cent to USD 60.11 per barrel.
India's exports declined for the first time in nine months in June hit by trade war between the US and China. Trade deficit slipped to USD 15.28 billion in June from USD 16.6 billion in the year-ago month
A strengthening US dollar against major currencies overseas also weighed on the rupee sentiment, forex traders said, Another reason of this fall our is, uncertainty over the US-China trade talks and recession fears kept investors on edge, lead to sustained buying in the domestic equity market restricted the rupee's fall.
Losses in domestic equity markets and unabated foreign fund outflows hit the rupee sentiment, forex dealers said. There is Positivity surrounding the US-China trade talks after China indicated that it may not immediately respond to recent US tariff hikes helped revive the sentiment. Chinese currency yuan gained 0.20 per cent, cutting short its 10-day losing streak against the dollar.
A weak dollar against other major currencies overseas and softening crude prices restricted the rupee's fall, they added.
At the interbank foreign exchange, the rupee opened weak at 71.96 and fell further to 72.05 against the US dollar. The domestic currency, however, pared some losses and was trading at 71.95. The market has also witnessed as the rupee fell 29 paise to close at 71.77 against the US dollar on Wednesday.
The BSE Sensex closed at 39,131.04 points, showing a rise of 234.33 points or 0.60 per cent. The broader NSE Nifty ended 72.70 points or 0.63 per cent up at 11,661.05. Meanwhile, investors remained edgy over concerns about developments in the China-US trade talks.
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