BUSINESS
Falling for the third straight session, the rupee weakened by 23 paise to 65.10 against the US dollar to hit its three-month low in opening trade at the forex market today.
Falling for the third straight session, the rupee weakened by 23 paise to 65.10 against the US dollar to hit its three-month low in opening trade at the forex market today.
The dollar firmed up against select global currencies as US Federal Reserve Chairman Jerome Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year.
Forex dealers said sustained month-end demand for the American currency from importers, foreign fund outflows and the dollar's gains against other global currencies weighed on the rupee.
Investors were also cautious ahead of GDP and IIP numbers to be released later in the day.
Yesterday, the local currency had lost by 8 paise to end at 64.87 against the American unit on sustained dollar demand from importers and banks amid heavy capital outflows.
Meanwhile,
Benchmark indices on Wednesday opened in red over US rate hike worries. The BSE benchmark shedded 258 points to reach at 34,088 points while Nifty fell 87 points to trade below the 10,500 mark.
Banking, metal, auto and realty shares were down around 1 per cent.
Among the top losers were HPCL, ICICI Bank and Bosch. Cautious trade also happened as Investors are waiting for the GDP growth data for the quarter of October-December, that has been scheduled to release at 5:30 PM.
Asian shares extended losses on Wednesday and bonds were sold off as weak factory data from China revived worries about global economic growth amid fears of faster rate rises in the United States.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.7 per cent, on track for a second straight day of losses.
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