Rupee slides 11 paise to 64.90 against dollar

ETMarkets.com|
Feb 21, 2018, 10.07 AM IST
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The local currency on Tuesday had plunged 58 paise to end at a fresh three-month low of 64.79 against the US dollar.
The rupee on Wednesday headed for more weakness as it opened 11 paise down at 64.90 against the dollar.

The dollar steadied against a basket of currencies on Wednesday, having pulled up from three-year lows set last week as traders cut down their bearish bets.

The American currency found more traction among banks and importers.

The local currency on Tuesday had plunged 58 paise to end at a fresh three-month low of 64.79 against the US dollar.

Meanwhile, benchmark stocks opened in the green. The BSE Sensex was trading up 121 points, or 0.36 per cent, at 33,825. The NSE Nifty spurted 38.05 points, or 0.37 per cent, to 10,398.

Foreign portfolio investors (FPIs) net sold off shares worth Rs 850.35 crore in the previous trading session, according to provisional data. Domestic institutional investors (DIIs) purchased equities worth a net Rs 1,437.24 crore.

Government bonds (G-secs) weakened on Tuesday following selling pressure from banks and corporates.

The 7.17 per cent 10-year benchmark bond maturing in 2028 went down to Rs 96.58 in the previous trading session from Rs 97.18 previously. Its yield rose to 7.67 per cent, from the earlier 7.58 per cent.
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