INSUBCONTINENT EXCLUSIVE:
The rupee has emerged the worst performer among Asian currencies
The rupee rose to end at 71.27
against the dollar on Wednesday, rebounding from a nearly six-month low registered the previous day
After opening higher against the greenback at 71.00, the rupee appreciated by as much as 55 paise during the session, before giving up most
of those gains by the end of trade on Wednesday
Strength in the equity markets along with falling crude oil prices supported the forex market sentiment however foreign investor outflows
limited the upside, according to analysts
On Tuesday, the rupee had shed 62 paise to end at a near six-month low of 71.40 against the dollar."The Indian rupee has now become Asia's
worst performing currency so far this month, Chinese yuan depreciated amid trade worries and foreign investor outflows," said VK Sharma,
head-PCG and capital market strategy at HDFC Securities.Oil prices declined on Wednesday, almost erasing the previous session's sharp
gains after the US said it would delay tariffs on some Chinese products
Brent futures - the global benchmark for crude oil - were last seen trading down 3.4 per cent at $59.22 a barrel.On Tuesday, the Brent
futures had risen 4.7 per cent in their biggest percentage gain in a day since December.Foreign institutional investors (FIIs) were net
buyers of Indian shares on Wednesday
They bought shares worth Rs 1,614.63 crore, according to provisional data from the National Stock Exchange
Domestic institutional investors also bought shares worth Rs 1,619.82 crore.Losses in the dollar overseas also supported the rupee.The
dollar index - which gauges the US currency against six major peers - was last seen down 0.11 per cent at 97.7040.The rupee has emerged the
worst performer among Asian currencies.It has depreciated over 3.6 per cent against the greenback so far this month, set for its
second-worst monthly loss since September 2013.The 10-year government bond yield settled at 6.63 per cent on Wednesday, as against 6.53 per
cent in the previous day.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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