Rupee falls 54 paise, touches 71 level against US dollar
What's the story
The rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade today, amid the strengthening of American currency and a weak opening in the domestic equity market. Forex traders said the strength of the USD against other overseas currencies and foreign fund outflows weighed on the local unit. At Interbank Foreign Exchange, the rupee opened weak at Rs. 70.82.
Data
FPIs sold shares worth Rs. 357.82 crore yesterday
After opening at 70.82, the rupee fell further to 71 at the Interbank Foreign Exchange, against the American currency, down 54 paise over its previous closing price. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs. 357.82 crore yesterday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs. 791.59 crore, provisional data available with BSE showed.
Data
Oil prices extended losses ahead of OPEC, Non-OPEC meeting
Meanwhile, the 30-share Sensex was trading 347.53 points, or 0.97%, lower at 35,536.88 at 10AM. Oil prices extended losses ahead of the meeting of OPEC and Non-OPEC production companies. Brent crude, the international benchmark, was trading 0.83% lower at $61.05 per barrel.