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The rupee depreciated 16 paise to 76.72 against the US dollar in opening trade on Wednesday, weighed down by the power of the dollar and unabated overseas fund outflows.
At the interbank overseas alternate, the rupee opened at 76.69 against the American dollar, then misplaced floor to quote at 76.72, registering a fall of 16 paise from the final shut.
On Tuesday, the rupee settled at 76.56 against the dollar.
The rupee opened weaker against the dollar on Wednesday because the American forex continued its upward trajectory, mentioned Sriram Iyer, Senior Research Analyst at Reliance Securities.
Asian and rising market friends have been blended , nevertheless, hopes of stimulus from China may cap depreciation bias of the friends and assist sentiments for the native unit, Iyer mentioned.
The dollar index, which gauges the dollar’s power against a basket of six currencies, was buying and selling 0.05 per cent increased at 102.34.
The US dollar strengthened as considerations about slowing progress in China and expectations the Federal Reserve will aggressively hike charges boosted demand for the dollar, Iyer famous.
On the home fairness market entrance, the 30-share Sensex was buying and selling 392.12 factors or 0.68 per cent decrease at 56,964.49, whereas the broader NSE Nifty declined 126.25 factors or 0.73 per cent to 17,074.55.
Global oil benchmark Brent crude futures rose 0.27 per cent to USD 105.27 per barrel.
Foreign institutional buyers have been web sellers in the capital market on Tuesday, as they offloaded shares value Rs 1,174.05 crore, as per inventory alternate information.
(Only the headline and film of this report might have been reworked by the Business (*16*) employees; the remainder of the content material is auto-generated from a syndicated feed.)
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