Mumbai: Rupee The US dollar slipped 10 paise to 77.78 in early trade on Thursday as rising crude oil prices and continued foreign capital outflow weighed on investor sentiment.
At the interbank forex, the rupee opened at 77.74 against the US dollar, then lost ground to bid at 77.78, registering a fall of 10 paise from the previous close.
The rupee on Wednesday closed 10 paise higher at 77.68 against the US currency from its record low.
The rupee is hovering around its lifetime low of 77.78 against the US dollar, keeping in view the strength of the US currency in the overseas market and firming in crude oil prices.
Rupee opened on a bearish note as crude oil reached near $125 a barrel, Anil Kumar BhansaliThe head of the Treasury, Finrex Treasury Advisors, said.
“only reserve Bank of India Supporting the rupee while the inflows have dried up completely. Foreign portfolio investors (FPIs) continue to sell-mode for equities and buy-mode for US dollar,” Bhansali said.
Besides, Asian currencies are trading on a weak note, Bhansali said, adding, “There is no impact of rate hike by RBI on Wednesday as dollar buyers are in abundance.”
Global oil benchmark Brent crude futures rose 0.26 per cent to $123.90 per barrel.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01 per cent lower at 102.52.
On the domestic equity market front, 30-share Sensex It was trading 163.34 points or 0.30 per cent lower at 54,729.15, while the broader NSE Nifty was trading 41.00 points or 0.25 per cent lower at 16,315.25.
Foreign institutional investors were net sellers in the capital markets on Wednesday as they sold shares worth Rs 2,484.25 crore, according to stock exchange data.
At the interbank forex, the rupee opened at 77.74 against the US dollar, then lost ground to bid at 77.78, registering a fall of 10 paise from the previous close.
The rupee on Wednesday closed 10 paise higher at 77.68 against the US currency from its record low.
The rupee is hovering around its lifetime low of 77.78 against the US dollar, keeping in view the strength of the US currency in the overseas market and firming in crude oil prices.
Rupee opened on a bearish note as crude oil reached near $125 a barrel, Anil Kumar BhansaliThe head of the Treasury, Finrex Treasury Advisors, said.
“only reserve Bank of India Supporting the rupee while the inflows have dried up completely. Foreign portfolio investors (FPIs) continue to sell-mode for equities and buy-mode for US dollar,” Bhansali said.
Besides, Asian currencies are trading on a weak note, Bhansali said, adding, “There is no impact of rate hike by RBI on Wednesday as dollar buyers are in abundance.”
Global oil benchmark Brent crude futures rose 0.26 per cent to $123.90 per barrel.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01 per cent lower at 102.52.
On the domestic equity market front, 30-share Sensex It was trading 163.34 points or 0.30 per cent lower at 54,729.15, while the broader NSE Nifty was trading 41.00 points or 0.25 per cent lower at 16,315.25.
Foreign institutional investors were net sellers in the capital markets on Wednesday as they sold shares worth Rs 2,484.25 crore, according to stock exchange data.