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78.96 Rupees against US Dollar in early trade

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Rupee Value Down, Dollar, Rupee, Market
Copyright: Afternoon voice

Rupee value has decreased by 11 paise to reach at 78.96 against US dollars in Wednesday opening trade. We have reach at low value against US dollars.

We have jumped up 48 paisa on Tuesday and close at 78.85 against the US dollar. But on Wednesday it open with lowest as 78.96 paise as renewed focus on the weak economic outlook prompted losses on Asian currencies shares, said Sriram lyer, Senior Research Analyst at Reliance Securities. “The Reserve Bank of India (RBI) could be present to curb volatility, but the strength of crude oil could cap appreciation bias,” Iyer said, adding that the range for the rupee on Wednesday is 78.50-79.10.

The rupee has depreciated a startling 6.28 percent since the beginning of this year, down 1.87 percent so far this month. Benchmark Brent crude futures for world oil decreased by 0.88 percent to USD 116.94 per barrel. The dollar index, which measures the value of the dollar against a basket of six different currencies, was trading 0.8% lower at 104.42.

The 30-share Sensex was down 474.05 points, or 0.89 percent, at 52,703.40 on the domestic equities market, while the larger NSE Nifty fell 137.75 points, or 0.87 percent, to 15,712.45. According to stock exchange data, foreign institutional investors sold shares worth Rs 1,244.44 crore on Tuesday, making them net sellers in the capital market.

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