Rupee hits 10-week low against U.S. dollar in opening trade

Share
Rupee hits 10-week low against U.S. dollar in opening trade

The local currency had plummeted by a whopping 54 paise to end at 64.81 to a dollar on Thursday.

The Fed has already raised rates twice this year.

The dollar pared gains after initially climbing on the Fed's announcement.

Nifty has in last six-seven sessions managed to trade in the area of 10,131-10,115.

On Wednesday, the rupee had logged its first gain in three sessions by rising 6 paise to 64.27 against the United States currency owing to fresh dollar unwinding by exporters.

Mumbai: The BSE Sensex came under relentless selling pressure in early trade Friday, plunging almost 300 points on heavy selling in banking, financial, capital goods and FMCG stocks amid sustained foreign fund outflows and weak global cues.

He further added, "The 10-year benchmark bond yield is also likely to consolidate today within the 6.65-6.70 percent range".

Market experts understand that some domestic macro factors and a stronger U.S. dollar are dragging the Indian currency to lower levels.

Even though the Federal Reserve didn't change interest rates, the policy statement showed the it was balancing low USA unemployment and a recent drop in United States inflation. "The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labour market conditions and a sustained return to 2 percent inflation", the policy statement noted.

Share

Advertisement

Related Posts

Premier League defends record in improving facilities for disabled supporters
And Lawrenson is backing Stoke, who are 13th in the Premier League table, to hold Chelsea to a 1-1 draw at the Bet365 Stadium. Fresh from their Premier League stalemate with Arsenal , Chelsea's attentions now turn to the Carabao Cup.

Rio to return Coal & Allied proceeds to shareholders
Rio's Australian shares rose 1.4 percent on Friday, outpacing gains in rival BHP Billiton. Rio intends to complete the $700 million off-market component by the end of this year.

Buhari leaves NY for London
President (Buhari) spoke, first of all, he thanked President Trump for having called him when he was in London and wishing him a quick recovery".

Pyeongchang Olympic Medals Unveiled
The ribbons or straps of the medals were made from traditional fabrics used to make hanbok and feature Korean-style embroidery. The medals range in weight from 586 grams (1.29 pounds) for the gold to 493 grams (1.09 pounds) for the bronze.

MCI scam: CBI arrests ex Orissa HC judge IM Quddusi
At this point, according to CBI, Quddusi and Pandey "assured to get the matter settled" through their contacts. According to sources in the CBI, they will be produced before the Designated Court in Delhi later in the day.

Sneak Peek: Jumanji: Welcome to the Jungle
To beat the game and return to the real world with their lives, they'll have to start seeing things in an entirely different way. In this trailer , we see the cast enter the Jumanji game and discover what their skills are.

Calgary Flames: 'No point to continue pursuit of new arena in Calgary'
NHL preseason has just begun, but thanks to Calgary Flames goalie Jon Gillies, the year of hockey highlights is now well under way.

Active Stock Momentum: United Natural Foods, Inc. (UNFI)
Finally, Northwestern Mutual Wealth Management Co. raised its position in United Natural Foods by 18.3% in the 1st quarter. Cantab Capital Partners Llp bolstered its stake by buying 8,589 shares an increase of 47.6% from 03/31/2017 to 06/30/2017.

S&P lowers Hong Kong credit rating following China cut
Ratings agency Moody's downgraded China in May, the first time in nearly three decades that the nation's credit rating was cut. The rating agency noted that Hong Kong enjoys above-average economic growth prospects for a high-income economy.

"Gagner un cinquième Tour reste ma priorité" — Chris Froome
Alberto Contador. À défaut d'intégrer le club des six, Chris Froome mérite le prix de la sportivité. Christopher Froome confirme alors sa suprématie sur les Grands Tours.

© 2015 ExpressNewsline. All Rights reserved.