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Both the Indian rupee and stocks slipped yesterday on expectations that the central bank will tomorrow announce its plans to shore up the currency, as well as its position on an interest rate hike.
Key domestic equity indices yesterday found themselves dragged lower by the weak currency, rising crude prices and an outflow of foreign funds.
In addition, fears that the Reserve Bank of India (RBI) will turn more hawkish in its monetary policy owing to a rise in inflationary pressure also led to investors’ risk-taking appetites being eroded.
The Nifty50 closed at 10,858.25, falling by 150.05 points or 1.36 per cent from its previous close.
The BSE Sensex, which had opened at 36,602.85, closed at
decline in Nifty50 index yesterday to close at 10,858.25
35,975.63, down or 1.51 per cent.
The Indian rupee touched a record low of 73.4163 before clawing back to close 0.59 per cent higher at 73.3412 against the dollar, while one dirham was fetching Rs19.956.
“The fall of the Indian rupee is persistent, although gradual, and we believe that it could reach the levels between 73.3073.50 against the US dollar,” Adeeb Ahamed, managing director at Lulu Financial Group, told Gulf News.
“But taking other factors into account, including rising oil prices and [the] ensuing trade war escalation, the fall of [the] 550.51 points Indian rupee towards 73.60 against the US dollar is very much expected.”
The rupee has been on a downward trajectory and has shed 14.996 per cent so far this the year, making it the worst performing currency in Asia and triggering steps by the central bank and the federal government to check its fall.
decline in the BSE Sensex index to close at 35,975.63
No fresh inflows seen
“Crude oil prices touched a four-year high. Added to it, the current account deficit intensified and FII [foreign institutional investor] outflows went up,” said Sudhir Shetty, UAE Exchange president.