MUMBAI, Oct 6:The rupee tumbled 54 paise to close at 74.98 (provisional) against the US dollar on Wednesday as a stronger greenback against key rivals and rising crude oil prices weighed on investor sentiment.
At the interbank foreign exchange market, the local currency opened at 74.63 and witnessed an intra-day high of 74.54 and a low of 74.99 against the US dollar in day trade.
The local unit finally settled at 74.98 a dollar, down 54 paise over its previous close.
On Tuesday, the rupee had settled at 74.44 against the US dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.41 per cent higher at 94.36.
Meanwhile, Brent crude futures, the global oil benchmark, declined 0.55 per cent to USD 82.11 per barrel.
On the domestic equity market front, the BSE Sensex ended 555.15 points or 0.93 per cent lower at 59,189.73, while the broader NSE Nifty declined 176.30 points or 0.99 per cent to 17,646.00.
Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 1,915.08 crore, as per exchange data.
On the macro-economic front, international ratings agency Moody’s on Tuesday upgraded India’s rating outlook to ‘stable’ from ‘negative’, saying a recovery is underway in the Asia’s third-largest economy and growth this fiscal will surpass the pre-pandemic rate.
Moody’s Investors Service however kept India’s sovereign rating at ‘Baa3’ — which is the lowest investment grade, just a notch above junk status. (AGENCIES)
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Sensex tanks 555 pts amid global selloff; Nifty sinks below 17,700
Mumbai, Oct 6:
Equity benchmark Sensex plunged 555 points on Wednesday following losses in index majors Reliance Industries, Infosys and ICICI Bank amid a selloff in global markets.
The 30-share BSE index ended 555.15 points or 0.93 per cent lower at 59,189.73. Similarly, the broader NSE Nifty tumbled 176.30 points or 0.99 per cent to 17,646.
IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by Tata Steel, Bajaj Auto, HCL Tech, Sun Pharma and Tech Mahindra.
On the other hand, HDFC twins and Bajaj Finance were the gainers.
“Weak global markets which resulted in profit booking in metals and IT stocks led domestic indices to trade in red, trimming its early gains,” said Vinod Nair, Head of Research at Geojit Financial Services.
Spike in crude prices is spooking the Indian market while inflation is affecting US bond yields, he noted.
Further, RBI has commenced its three-day MPC meeting in which the central bank is expected to keep rates unchanged. However, it is likely to announce measures to gradually pump out liquidity from the economy, Nair said.
Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended with significant losses. Shanghai was closed for holidays.
Equities in Europe were also trading with heavy losses in mid-session deals.
Meanwhile, international oil benchmark Brent crude surged 1.14 per cent to USD 82.19 per barrel. (AGENCIES)
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