TE24 Business Desk:
The rupee opened on Wednesday, down 27 pips against the US dollar at $78.80, citing poor performance in home equity stocks.
In interbank offshore trading, the rupee fell to 78.80 against the dollar before opening at 78.70 against the US dollar and recorded a fall of 27 pips at the last close of trading.
The rupee rose by 53 paise on Tuesday. This was its best one-day performance in over 11 months and closed above a one-month high of 78.53 against the US dollar.
The greenback index, which measures the dollar’s strength against a basket of six currencies, fell 0.07% to 106.16.
World oil benchmark Brent crude futures fell 0.42% to $100.12 a barrel.
Entering the home fairness market, the 30-piece Sensex fell 86.44 or a factor of 0.15 percent to 58,049.92, while the broader NSE Nifty gained 55.10 or a factor of 0.32 percent, down a factor of 17,290.35.
Foreign portfolio investors (FPIs) drove inflows into domestic equities and oil prices also remained stable. This has reduced the pressure on the rupee. Nevertheless, July’s export news weighed on investor sentiment. Foreign institutional investors remained web clients in the capital market on Tuesday as they bought shares worth Rs 825.18 crore, according to trading data.
India’s exports fell slightly in July for the first time in 17 months, the trade deficit tripled to $31 billion and oil imports rose more than 70%.
July 2022 exports to $35.24 billion declined by 0.76% year-on-year. In July 2021, the country’s merchandise exports reached $35.51 billion.
