Free Stock Tips & Updates - Today, the INR(Indian rupee) may continue to remain on the back foot with the US dollar weakening as compared to the major currencies.Rupee is supposed to open weaker and seek cues from equities. The rupee tumbled to close at 2-year low of 66.82 against the American dollar on yesterday.
The benchmark 7.72 per-cent government security maturing in 2025 slumped to Rs 99.4350 from 99.7575 previously, while its yield rose to 7.80 per-cent. A week before the data comes in - with a one week's lag - about USD 3.5 billion went out. Foreigners have been selling every day. Figures show at least a triple digit million dollar figure of people pulling out money and that explains the fall in the rupee as well.
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In the meantime, China is assumed to have sold 2.5 per-cent of its reserves of USD 94 billion in August month to boost its equity markets as well as the economy. Today's opening may see rupee unchanged on the back of the outflows from China. The number came out on yesterday and it was positive because people supposed that they had sold USD 200 billion. So the fact that the number - the official figure - came in less than half was a relief past day for most Asian markets.
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