November 24, 2016 1:16:50 am
The Indian rupee on Wednesday closed 31 paise lower to a fresh nine-month low against the US dollar in the wake of capital outflows following a series of domestic as well as global events.
The rupee closed at 68.57 a dollar, a level last seen on February 26, as against its previous close of 68.26. The currency opened at 68.37 against the US dollar and touched a low of 68.55 a dollar, a level last seen on March 1. So far this year, the rupee has fallen fell 3.3 per cent. This was the eighth out of nine trading sessions when the rupee was trading lower. In November, it weakened 2.3 per cent, most since August 2015.
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Foreign portfolio investors (FPIs) sold a combined of $3.18 billion in local equity and debt markets so far in November, putting severe pressure on the rupee.
According to a Care Ratings report, the dollar was expected to weaken with a Republican Party victory as it was surmised that Donald Trump would turn protectionist which would not be good for the economy. Meanwhile, the 30-share Sensex resumed higher at 26,101.33 and hovered in a range of 26,130.49 and 25,877.16 before ending at 26,051.81, showing a gain of 91.03 points or 0.35 per cent. The index has gained 286.67 points or 1.11 per cent in two days. The NSE 50-share Nifty also firmed up further by 31 points or 0.39 per cent to end at 8,033.30.
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