INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar: The rupee is down 6.11% against the dollar so far this yearRupee Vs Dollar Today: The rupee gave up early gains to edge
lower against the US dollar on Wednesday, following two days of gain
It moved in a range of 75.59-75.76 against the greenback during the four-hour session before shutting shop at 75.72, having started the day
mildly stronger at 75.60 compared to its previous close of 75.64
A pickup in the dollar overseas and the end of a four-day winning run in domestic equity markets put pressure on the rupee in the second
half of the session, say analysts.Domestic stock markets snapped four straight sessions of gains on Wednesday, as investors booked profits
in banking stocks amid fears of a rise in loan defaults due to the COVID-19 pandemic.The NSE Nifty 50 index closed 1.58 per cent lower at
10,305.30, while the S-P BSE Sensex also shed 1.58 per cent to settle at 34,868.98
The markets opened higher but reversed their course around midday as the focus turned to record levels of coronavirus infections in several
US states, spurring concerns about the pace of a nascent economic recovery.The dollar index - which gauges the US currency's performance
against six peers - was last seen trading 0.15 per cent higher, having risen 0.32 per cent earlier.Analysts expect the rupee to continue to
trade within a range in the near term amid strength in other Asian currencies."Foreign portfolio investors have invested net $3 billion in
domestic equities and sold $500 million of domestic bonds in June so far
This is the fourth successive month of outflows from the bond market," said Abhishek Goenka, founder and CEO of forex advisory firm IFA
Global.At the current level, the rupee is down 6.11 per cent against the US currency so far this year.International oil prices dropped on
Wednesday, extending losses from the previous day, as a more-than-expected rise in US crude stockpiles added to worries about oversupply
Brent crude futures - the global benchmark for crude oil - were last seen trading down 0.70 per cent at $42.34 per barrel.Currency markets
currently operate within reduced trading hours due to the coronavirus-induced lockdown
The temporary timings are from 10 am to 2 pm, instead of the normal timings of 9 am to 5 pm.
