Mumbai, May 19: The rupee extended its losses and slumped 10 paise to close at a record low of 77.72 (provisional) against the US dollar on Thursday, weighed down by a negative trend in domestic equities and unabated foreign fund outflows.
At the interbank foreign exchange market, the rupee opened lower at 77.72 against the greenback, and finally settled for the day at 77.72, down 10 paise over its previous close.
During the trading session, the rupee touched an intra-day low of 77.76 and a high of 77.63.
On Wednesday, the rupee declined by 18 paise to close at 77.6?2.
“Rupee consolidated in a narrow range despite sharp sell-off in domestic and global equities. Dollar also retraced from higher levels after economic number released from the US came below estimates,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.28 per cent lower at 103.51.
Global oil benchmark Brent crude futures fell 1.87 per cent to USD 107.07 per barrel.
The 30-share BSE Sensex ended 1,416.30 points or 2.61 per cent lower at 52,792.23, while the broader NSE Nifty fell 430.90 points or 2.65 per cent to 15,809.40.
Foreign institutional investors were net sellers in the capital market on Wednesday, as they offloaded shares worth Rs 1,254.64 crore, as per stock exchange data. (agencies)
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BIZ-STOCKS-CLOSE
Sensex tanks over 1,400 pts amid global market rout
Mumbai, May 19:
Equity benchmarks fell sharply on Thursday, mirroring a sell-off in global markets, with the Sensex and Nifty tumbling over 2.60 per cent on across-the-board selling.
Persistent foreign fund outflows also continue to dampen sentiment.
The 30-share BSE benchmark Sensex dived 1,416.30 points or 2.61 per cent to settle at 52,792.23. During the day, it tumbled 1,539.02 points or 2.83 per cent to 52,669.51.
The broader NSE Nifty tanked 430.90 points or 2.65 per cent to end at 15,809.40.
From the Sensex firms, HCL Technologies, Wipro, Infosys, TCS, Tech Mahindra, Tata Steel, IndusInd Bank and Kotak Mahindra Bank were the major laggards.
ITC and Dr Reddy’s emerged as the gainers.
Barring Shanghai, other Asian markets ended lower, with Seoul, Hong Kong and Tokyo settling in the red.
Equity exchanges in Europe were also trading sharply lower in the afternoon session.
Stock markets in the US had ended deep in the red on Wednesday.
“US markets saw the worst sell-off since June 2020 as inflation fear looms,” said Mohit Nigam, Head – PMS, Hem Securities.
Meanwhile, international oil benchmark Brent crude declined 1.29 per cent to USD 107.7 per barrel.
Foreign institutional investors offloaded shares worth a net Rs 1,254.64 crore on Wednesday, as per stock exchange data.
“Deteriorating macro sentiments such as soaring inflation, recession fears, and the prospect of the Federal Reserve getting even more hawkish will continue to keep benchmarks on the edge.
“Another main reason for the pessimism can be attributed to relentless selling from the FII camp,” said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.
Devarsh Vakil, Deputy Head of Research, HDFC Securities, said, “Indian markets tumbled more than 2.5 per cent on weekly derivative expiry day on weak global cues.” (agencies)
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