Rupee remained under pressure on Wednesday, as the currency closed at a fresh lifetime low of 70.59 by falling 49 paise against the dollar on robust demand for the American currency.Sustained demand for the dollar from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.Rushabh Maru, Research Analyst, Anand Rathi Shares and Stock Brokers said, “The rupee depreciated on account of month-end dollar demand from importers. Crude oil prices have also increased in the international market in the last couple of sessions. This has pressurised the rupee. Focus will now shift to India’s GDP and fiscal deficit data due to be released on Friday. Near term range for the rupee is 70.20 and 70.75.”The dollar strengthened on Wednesday as some relief on US-Mexico trade deal gave way to concerns that the conflict over trade between the US and China was not ending soon.A sharp surge in trade deficit too impacted the rupee. Soaring trade deficit is also keeping the local currency on its toes.Meanwhile, domestic equity markets snapped two-day winning run on Wednesday on account of profit booking in index heavyweights including Reliance Industries, HDFC and Infosys. The 30-share Sensex settled 173.70 points, or 0.45 per cent, down at 38,722.93, while the 50-share Nifty pack closed 46.60 points, or 0.40 per cent, down at 11,691.90.
from The Economic Times https://ift.tt/2LCIZrm
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