Rupee falls 19 paise to 73.35 against US dollar in early trade
The rupee dropped by 19 paise to 73.35 against the US dollar in early trade Thursday amid unabated foreign fund outflows.
The rupee dropped by 19 paise to 73.35 against the US dollar in early trade Thursday amid unabated foreign fund outflows. Traders said increased demand for the US currency from importers and a lower opening of domestic equity market weighed on the local unit.
After opening lower at 73.33, rupee weakened further to quote at 73.35 against the dollar registering a fall of 19 paise.
The dollar's weakness against some currencies overseas and easing crude oil prices, however, restricted the rupee fall, they added.
Foreign investors pulled out Rs 2,040.54 crore from equity markets Wednesday, as per provisional data.
On Wednesday, the rupee strengthened by 41 paise to close at more than three-week high of 73.16 against the US currency as global crude oil prices eased and domestic equity markets staged a smart rebound.
Meanwhile, the benchmark BSE Sensex plunged 301.49 points, or 0.89 per cent, to 33,732.47 in the opening trade.
Besides, investors were also cautious ahead of the last session of October month expiry in the derivatives segment.
In the forex market, the rupee weakened by 19 paise to 73.35 against the US dollar due to increased demand for the US currency from importers.
Brokers said negative cues from other Asian bourses after US markets plummeted Wednesday as a sharp drop in tech shares and worries about corporate earnings, triggered sell-off on the domestic exchanges here.
The 30-share BSE Sensex dropped by 301.49 points, or 0.89 per cent, to 33,732.47 points. It had gained 186.73 points on Wednesday.
Reflecting the overall bearish mood, all the sectoral indices, led by realty, metal, capital goods and bankex, were trading in the negative terrain with losses up to 1.85 per cent.
Also, the broader NSE Nifty cracked below the 10,200-mark by falling 79.95 points, or 0.78 per cent, to 10,144.80.
Top laggards included Bharti Airtel, IndusInd Bank, Infosys, Vedanta Ltd, RIL, HUL, L&T, Adani Ports, Tata Motors, Asian Paint, Axis Bank, Bajaj Auto, HDFC Ltd, PowerGrid, Yes Bank and Tata Steel, falling by up to 3.71 per cent.
However, Wipro rose 1.73 per cent after the company posted better-than-expected earnings Wednesday.