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      Indian Rupee: Dragged lower by weak local shares

      MoM Team / Mumbai, May 23, 2017 10:50 AM IST

        Indian Rupee: Dragged lower by weak local shares

        The Indian rupee plunged against the dollar in early trades on Tuesday, 23 May 2017 due to increased demand for the US currency from importers. Early losses in stock markets too kept pressure on the domestic unit.

        The domestic currency opened at Rs 64.66 against the dollar and plummeted further to a low of 64.84 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.7750. Yesterday, the rupee had firmed up by 9 paise to 64.55 on dollar unwinding amid continued political worries in the US.

        Domestic benchmark indices hit fresh intraday low in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was down 140.26 points or 0.46 percent at 30,430.71.

        The Nifty 50 index was down 44.50 points or 0.47 percent at 9,393.75. Broader market witnessed major selling pressure. Overseas, Asian shares were mixed after police said they were treating an explosion in Manchester, England, that killed at least 19 people as a terror attack.

        The Sensex fell 182.48 points, or 0.6 percent at the day's low of 30,388.49 in early trade, its lowest level since 19 May 2017. The index rose 39.67 points, or 0.13 percent at the day's high of 30,610.64 at the onset of trading session.

        The Nifty fell 64.05 points, or 0.68 percent at the day's low of 9,374.20 in early trade, its lowest level since 19 May 2017. The index rose 9.80 points, or 0.10 percent at the day's high of 9,448.05 at the onset of trading session.

        Meanwhile, the US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was last quoted down 0.07 percent to 96.81. Overnight, the dollar fell against a basket of major currencies on Monday, weighed by surge in the euro, after German Chancellor Angela Merkel said the single currency was “too weak."

        EUR/USD soared to a six-month high as investors believed that Merkel's comments would pressure ECB policymakers to consider tapering the central bank's expansive monetary stimulus package, which includes ultra-low interest rates.

        The dollar made a poor start to the week, coming off the back of its worst week in more than a year, after a tumultuous week in US politics led investors to doubt whether President Trump would be able to deliver on his pro-growth initiatives to boost the economy.


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      Source: Capital Market



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