Rupee opens nearly 9 paise down at 66.78 against dollar
NEW DELHI: The rupee opened nearly 9 paise down at 66.78 against dollar on Wednesday on account of selling of American currency by banks and exporters.
Meanwhile, the domestic equity market opened in green following firm Asian cues. The 30-share BSE Sensex opened 105.72 points, or 0.37 per cent, up at 28,849.04, while the 50-share NSE Nifty index opened 24.80 points, or 0.28 per cent, up at 8,904.40.
According to Nirmal Bang Securities, USDINR can give a dip up to 66.94 against dollar during the day. The currency is expected to trade with a sideways to positive movement later in the day. “Trading in the expected intraday range of 66.94-67.20 is recommended,” the brokerage house said.
Angel Broking said, “USDINR spot is expected to depreciate as the recent US President’s speech to the Congressmen will boost the demand for the American currency in turn keeping the rupee dented.”
The local currency on Tuesday closed 2 paise up at 66.69 against dollar.
Besides, fresh outflow by foreign portfolio investors too affected the currency market sentiment to some extent as data showed foreign funds sold shares net of Rs 145.33 crore on Tuesday.
India's economy expanded by 7 per cent in the third quarter of 2016-17, belying fears that note ban would have severely impacted economic activity.
The Central Statistics Office (CSO) has retained the growth projection for the current fiscal at 7.1 per cent, as projected in the first advance estimate in January.
Meanwhile, the domestic equity market opened in green following firm Asian cues. The 30-share BSE Sensex opened 105.72 points, or 0.37 per cent, up at 28,849.04, while the 50-share NSE Nifty index opened 24.80 points, or 0.28 per cent, up at 8,904.40.
According to Nirmal Bang Securities, USDINR can give a dip up to 66.94 against dollar during the day. The currency is expected to trade with a sideways to positive movement later in the day. “Trading in the expected intraday range of 66.94-67.20 is recommended,” the brokerage house said.
Angel Broking said, “USDINR spot is expected to depreciate as the recent US President’s speech to the Congressmen will boost the demand for the American currency in turn keeping the rupee dented.”
The local currency on Tuesday closed 2 paise up at 66.69 against dollar.
Besides, fresh outflow by foreign portfolio investors too affected the currency market sentiment to some extent as data showed foreign funds sold shares net of Rs 145.33 crore on Tuesday.
India's economy expanded by 7 per cent in the third quarter of 2016-17, belying fears that note ban would have severely impacted economic activity.
The Central Statistics Office (CSO) has retained the growth projection for the current fiscal at 7.1 per cent, as projected in the first advance estimate in January.
