The Indian rupee reached a brand new report low of 78.29 towards the US greenback on Wednesday as persistent international fund outflow from the monetary markets, significantly from fairness markets, threat aversion in international markets put stress on the native foreign money. The fall comes amid promoting in rising market equities and currencies forward of the US Fed Chair Jerome Powell’s testimony to US Congress later within the day. According to international trade analysts, the native unit has additionally been hampered by heightened considerations over India’s inflation and present account deficit and elevated crude oil costs.
“We continue to remain cautious on INR going forward, in light of weakening fundamentals and tough external environment. Situation like this, where tail (forward) might wag the dog (spot), warrants us to be more vigilant and cautious,” stated Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities.
Rahul Kalantri, VP Commodities, Mehta Equities, stated, “The aggressive interest rate hike plans of the U.S. Federal Reserve and continuous sell-off by the FIIs are exhibiting pressure on the rupee. Widening trade deficits and higher crude oil prices are also restricting gains of the rupee. We expect the rupee to remain volatile this week and could test its resistance level of 78.45.”
HDFC Bank, ONGC, Yes Bank, PVR, Hero MotoCorp, Coal India, Future Retail shares in concentrate on 22 June 2022
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Source: www.financialexpress.com”