INSUBCONTINENT EXCLUSIVE:
Rupee Vs Dollar Today: The rupee settled at 75.60 against the dollarThe rupee declined by 10 paise to settle at a 16-month low of 75.60
against the US dollar amid foreign fund outflows from equities and a stronger dollar in the overseas markets
At the interbank foreign exchange market, the local unit opened at 75.45, then pared its initial gains and touched a low of 75.60 against
The domestic unit finally settled at its day's low of 75.60, down by 10 paise against its previous close.Previously, the local unit closed
at this level on July 1, 2020
On Wednesday, the domestic unit fell to a near two-month low of 75.50 against the US dollar, as the Reserve Bank of India's bi-monthly
monetary policy decision could not encourage forex market participants
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.20 per cent up at
96.08.According to traders, concerns over the impact of new COVID variant on the global economy also weighed on investor sentiments
Oil prices were lifted by optimism that the Omicron mutation might not have a significant impact on oil demand.The Reserve Bank of India
maintained the borrowing costs at a record-low for the ninth consecutive time, as it decided to continue supporting economic growth amid
uncertainty over the impact of the Omicron strain on the economy.Mr Amit Pabari, MD, CR Forex:''The rupee weakened towards 75.50 levels,
being the lowest since October 12th, as the Reserve Bank of India left interest rates steady and decided to continue with its accommodative
stance while ensuring that inflation remains within its target.That apart, Fitch Rating's cut of India's economic growth forecast to 8.4%
for the current fiscal year dented sentiments further
Additionally, the dollar outflows related to retro tax refund also kept the rupee under pressure.Moving ahead, on the global front, data
suggested US job openings surged in October while hiring decreased, indicating intense worker shortage, which could hamper employment and
the overall economic growth, thereby keeping the dollar at edge
Focus shifts to tomorrow's US Consumer Price Index (CPI) which is the Fed's favorite measure of inflation for further momentum.'' Domestic
Equity Markets Today:On the domestic equity market front, the BSE Sensex ended 157.45 points or 0.27 per cent higher at 58,807.13, while the
broader NSE Nifty rose 47.10 points or 0.27 per cent to 17,516.85. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Limited:''Despite witnessing a choppy trading session, the markets maintained their positive momentum as investors put money in the beaten
After the post morning selloff, the Nifty took the support near 17400 and reversed sharply to hover between 17425- 17535 levels.On daily
charts, the index has formed a Hammer candlestick formation which indicates indecisiveness between bulls and bears
The short-term formation is still on the bullish side but before any fresh breakout, the market may consolidate within the range of 17350 to
17575.''According to exchange data, the foreign institutional investors were net sellers in the capital market on Wednesday as they
offloaded shares worth Rs 579.27 crore
Brent crude futures, the global oil benchmark, declined 0.46 per cent to $75.47 per barrel.
