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      Indian Rupee: Weakens in early trades on increased dollar demand

      MoM Team / Mumbai, May 09, 2017 10:35 AM IST

        Indian Rupee: Weakens in early trades on increased dollar demand

        The Indian rupee weakened slightly against the dollar in early trades on Tuesday, 09 May 2017 on increased demand for the American currency from importers amid sustained foreign fund outflow.

        The dollar gained strength against other currencies overseas as investors raised expectations of another US interest rate hike next month which weighed on the domestic unit. However, a higher opening in the domestic equity market restricted the rupee's losses.

        The domestic currency opened at Rs 64.45 against the dollar but dropped to a low of 64.5250 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.4800. Yesterday, the rupee had gained 7 paise at 64.31 on bouts of dollar selling by exporters and banks amid firming equities.

        Domestic indices edged higher in early trade tracking mostly higher Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex was up 59.28 points or 0.2 percent at 29,985.43. The Nifty 50 index rose 20.35 points or 0.22 percent at 9,334.40.

        The Sensex was trading below the psychological 30,000 mark after moving past that mark in early trade. Metal and realty stocks gained.

        Overseas, Asian stocks rose after US stocks hit record highs overnight. In US, the S&P 500, and Nasdaq Composite notched records yesterday, 8 May 2017, but major US equity indexes finished little-changed as materials shares capped a climb in the energy sector. Trading activity was listless after Emmanuel Macron's closely watched, but expected, presidential election victory in France.

        Meanwhile, the US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, fell 0.02 percent to 99.01. Overnight, the dollar traded higher against a basket of major currencies on Monday, supported by a slump in the euro, as investors took profit in the single currency after Emmanuel Macron's victory in the French presidential election.


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      Source: Capital Market



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