Indian Rupee: Plunges lower on increased dollar demand : 19 Jan 2017

currency

The Indian rupee witnessed further decline against the US dollar in early trades on Thursday, 19 January 2017 on increased demand for the American currency from importers.

Besides, the dollar’s strength against other currencies overseas also weighed on the rupee but a better trend at the domestic equity market in early trade capped the loss.

The domestic currency opened at Rs 68.22 against the dollar and registered an intra day high and low of 68.1875 and 68.25 respectively so far during the day.

In the spot currency market, the Indian unit was last seen trading at 68.2175. Yesterday, the rupee had ended lower by 13 paise at 68.08 on renewed dollar demand from importers amid worries over capital outflows.

Key benchmark indices were trading with small gains after swinging between gains and losses around the flat line as mixed Asian stocks provided no clear direction.

At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 22.95 points or 0.08 percent at 27,280.59. The Nifty 50 index was up 3.60 points or 0.04 percent at 8,420.60.

Overseas, Asian stocks were mixed. The Dow Industrials Average yesterday, 18 January 2017, closed at the lowest level of 2017, marking a fourth straight day in the red for the blue-chip gauge, but the broader stock market managed modest gains. Federal Reserve Chairwoman Janet Yellen said she expects rate hikes a few times a year until the end of 2019.

Meanwhile, the dollar index, which measures it against a basket of six major peers, eased 0.04 percent to 101.27. Overnight, the dollar posted strong gains today as forex traders purchased the greenback after five straight days of selling that put its value against a basket of major currencies at the lowest in more than a month.

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