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Equities slump tracking weak US markets, rupee closes at new low
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SME Times News Bureau | 19 May, 2022
Indian equity benchmark indices declined sharply lower and settled in
the red on Thursday in line with weakness in the US markets.
"The
meltdown in the US markets, on the fear of aggressive rate hikes,
rattled investors and triggered a weak start. The situation worsened
further due to heavy selling in the index majors across sectors wherein
IT and metal majors were among the top losers," said Ajit Mishra, VP,
Research, Religare Broking.
This fall indicates that bears are in
control as the Nifty has completely reversed the recent gains and again
reached closer to the March low.
Indications from the global
indices, especially US markets, are pointing toward a further decline
and so, traders should align their positions accordingly, Mishra said.
On
Thursday, Sensex closed at 52,792.23 points, down 1,416.30 points or
2.61 per cent, whereas Nifty was at 15,809.40 points, down 430.90 points
or 2.65 per cent.
Further, Indian currency rupee depreciated 10 paise to close day's trade at 77.72 per US dollar.
The
Indian rupee has continued its losing streak after a brief respite as
fragile risk sentiments in the markets continue to push the domestic
currency on a lower incline.
"Even as the greenback has softened
from its two-decade highs, and crude prices have also cooled off, the
unabated outflows from the domestic equities amid mounting concerns of a
global economic slowdown and spiraling inflation are weighing on the
local unit," said Sugandha Sachdeva, Vice President, Commodity and
Currency Research, Religare Broking.
The overall bias is negative
for the rupee-dollar exchange rate, and it seems primed to test the
78.50 mark in the near term, Sachdeva said, adding that, however, likely
RBI interventions at regular intervals could soothe the market nerves
intermittently.
Jateen Trivedi, Research Analyst at LKP Securities, said that the rupee can be seen inching closer to 78 in the coming sessions.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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