Money Market NewsZee Business reported that the rupee cut nearly 43 Paces to $86 at 12.15pm on Wednesday, under pressure from foreign funds outflows.
As of 12:26 pm, domestic units traded below 85.96, against Green. According to forex traders, the decline is caused by a solid domestic stock buffer, global crude oil prices softened and the dollar is weaker. The opening hours of the local sector were 85.69, falling to 85.86 in early trade.
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Rupee settled 22 Paces against the Greenback on Tuesday for 85.61. Meanwhile, the U.S. dollar index fell 0.05% to 99.18, while Brent crude fell 0.32% in early trade to $65.42 a barrel of futures trading.
“Restrictive flows have kept the rupee ranged between 85-86 in the past two weeks, with the RBI selling dollars at 85.70-75 levels. The RBI MPC begins its 3-day delegations today with the announcement of rates on Friday morning and is expected to cut repo rate by 25 bps to 5.75 per cent,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
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Indian stock market opens higher; Dhampur buyback closes today
Following the positive tips for global tracking, the Indian stock market will open on June 4. Nifty scored 23.3 points or 0.09% to 24,565.8, while Sensex rose 92 points or 0.11% to 80,829.9. Bank Nifty increased by 40 points or 0.07% to 55,640.
In stock-specific updates:
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Dhampur Sugar Factory: The company’s share buyback ended today at Rs 185 per share.
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Kovge: The stocks of medium-sized IT companies will be traded today (1:5 stocks).
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TCS: Today’s stocks are in dividends of Rs 30 per share.
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Tata motor: The automaker will also trade Exividend Envidend for its final expense of Rs 6 per share.
According to Exchange data, FII’s stock net amounted to Rs 2853,83 crore.
(Input with PTI)
