Indian rupee slips further, opens 7 paise lower at 68.14 per dollar

Reserve Bank of India

Yesterday, the rupee had lost 56 paise - the second biggest single-day fall of 2018 - to end at a new 16-month low of 68.07 as dollar demand rattled the currency market.

State-run banks were seen selling dollars around 67.67 level, dealers said.

Anand James, Chief Market Strategist at Geojit Financial Services said, "With food and fuel prices pushing CPI higher, rupee's weakness has hastened, sinking to 16-month low".

The rupee swung in almost one percent intraday range on Tuesday, its most volatile day in about a year.

According to Deloitte India's Senior Director and Senior Economist Richa Gupta, the rupee "is facing downside risks on account of crude price hike, concerns regarding fiscal deficit and current account deficit, and dollar strength".

However, both forex and debt traders were doubtful whether the rally in the rupee and Indian bonds would last through the week.

It registered a intra day's high and low at 68.16 and 67.75 respectively, they added.

The 10-year bond yield stood at 7.901%, up from its previous close of 7.905%.

"This time the intervention from RBI seemed quite decisive", said a dealer at a foreign bank.

The trade deficit widened to $13.72 billion in April from $13.25 billion a year ago and could rise further with India importing 80 percent of its oil needs.



Latest news

John Abraham to play Sanjeev Kumar Yadav in Nikkhil Advani's Batla House
Abraham will be playing DCP Sanjeev Kumar Yadav, who was awarded a President Gallantry Award for this mission. What followed was a nail-biting encounter, during which two cops and two suspected terrorists were killed.

Smiling mom 'stabs devil child 60 times with pickaxe'
Police said Taheerah Ahmad bound and gagged her three children, stabbed her oldest daughter and set their house on fire. The report said Ahmad also struck the girl over the head several times with a pickaxe before setting the house on fire.

World Cup referee banned in Saudi match-fixing case
The statement said Al-Mirdasi attempted to fix a match on Saturday when Al-Faisaly and Al-Ittihad played in the King's Cup final. Hamad Al-Saniaa, the president of Al-Ittihad club, addressed the Saudi football federation , ' said a SAFF statement.

(MRK) Stake Lessened by Kings Point Capital Management
Mork Capital Management LLC purchased a new position in shares of Merck & the fourth quarter worth approximately $990,000. For shareholders, given the total diluted outstanding shares of 2.71 billion, this means overall earnings per share of 0.27.

Kareena Kapoor Khan - Kartik Aaryan in Karan Johar's next?
Meanwhile, Kareena Kapoor is busy with her next film Veere Di Wedding , which is slated to hit the theatres on June 1, 2018. Taimur loves his time with his mother. "I think his mother spoils him because I'm always giving him the warmth".

Other news