Indian Stock Market Tips- Rupee nosedives to a new lifetime low of 70.82
The rupee today hit a new record low of 70.82, down 23 paise, against the US dollar on heavy month-end dollar demand and sustained foreign fund outflows.
The domestic unit opened a tad strong at 70.57 against the previous close of 70.59 at the interbank foreign exchange market today. It hovered in a range of 70.82 and 70.57 before quoting at 70.78, down 19 paise at 9.20 am local time.
According to forex dealers, demand from importers, mainly oil refiners in view of surging crude oil prices, and sustained capital outflows, weighed on the domestic currency. Furthermore, the dollar's strength against other currencies overseas too put pressure on the rupee.
Yesterday, the local currency dropped by 49 paise or 0.70 percent to close at 70.59, logging its biggest single-day drop since August 13 when it nosedived 110 paise or 1.6 percent. The rupee had earlier hit its all-time closing low of 70.16 on Monday.
Meanwhile, the benchmark BSE index Sensex opened up 74.05 points or 0.19 percent at 38,769.98 and the NSE index Nifty up 1.25 points or 0.01 percent at 11,693.15.
In the overseas market, the dollar index against a basket of six major currencies struggled near a four-week low of 94.434 touched on Tuesday, dragged down by the pound's rally. The euro was steady at $1.1706 after edging up 0.1 percent the previous day. The dollar was flat at 111.71 yen after rising 0.4 percent overnight.
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