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Thursday 23 January 2020

Rupee continues below psychological 70 for a dollar; Sensex recovers

Forex dealers said, selling of the American currency by exporters, easing crude prices and positive opening in domestic equities supported the rupee

Mumbai: The rupee appreciated by 4 paise to 69.36 against the US dollar in opening trade Tuesday, driven by the weakening of the greenback and positive opening in domestic equities.

At the interbank foreign exchange market, the domestic unit opened at 69.40 against the dollar, then gained momentum and touched 69.36, up 4 paise over its previous close.

The rupee had settled at 69.40 against the US dollar Monday.

The local unit, however, pared some gains and was quoted at 69.38 against the American currency at 0933 hrs.

Forex dealers said, selling of the American currency by exporters, easing crude prices and positive opening in domestic equities supported the rupee.

On the other hand, foreign fund outflows restricted the upward climb of the rupee.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 948.98 crore Monday, as per the provisional data.

Brent crude futures, the global oil benchmark, fell 0.20% to USD 71.10 per barrel.

Sensex recovery

The benchmark BSE Sensex recovered over 200 points Tuesday led by gains in banking and IT stocks despite weak global cues.

The 30-share index was trading 169.69 points or 0.44%, higher at 38,770.03.

Similarly, the broader NSE Nifty was up 38.70 points, or 0.33%, at 11,636.95.

Top gainers in the early session were Vedanta, Coal India, Hero MotoCorp, TCS, SBI, Tata Steel, Axis Bank, PowerGrid, Yes Bank, Tata Motors, HUL, ICICI Bank, HDFC Bank and Infosys, rising up to 1.83%.

On the other hand, IndusInd Bank, ONGC, RIL, Sun Pharma, HCL Tech and Bharti Airtel fell up to 1.92%.

In the previous session on Monday, the BSE bourse settled at 38,600.34, down 362.92 points or 0.93%. The broader NSE Nifty ended the day at 11,598.25, losing 114 points or 0.97%.

According to traders, banking and IT stocks lifted investor sentiment despite choppy cues from other global markets.

Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 948.98 crore on Monday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 89.89 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a mixed note.

On Wall Street, S&P500 and Nasdaq Composite indices ended in the red on Monday.

On the currency front, the rupee was trading flat at 69.40 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.21% lower at USD 71.09 per barrel.

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