FIIs today pumped in Rs 591 crore in stocks, provisional data from stock exchanges showed.
The Indian rupee dropped by 58 paise to a lifetime low of Rs 52.73 per US dollar in early trade on Tuesday on persistent demand for the American currency from banks and importers amid sustained foreign capital outflows from the equity market.
The rupee on Monday rose by 5 paise to trade at 55.35 against the US dollar in early trade at the Interbank Foreign Exchange as the American currency weakened against euro overseas.
As the rupee depreciated to a new 32-month low against the US dollar, Finance Minister Pranab Mukherjee on Wednesday said the Reserve Bank is monitoring the situation and will intervene in the forex market "as and when necessary".
Equity benchmark Sensex tanked over 1,000 points in the opening session on Friday tracking losses in index majors ICICI Bank, HDFC twins and Reliance Industries amid a negative trend in global markets.
SBI was the top loser in the Sensex pack, shedding over 4 per cent, followed by Bajaj Finserv, Axis Bank, ONGC, ITC, ICICI Bank, Bajaj Finance, Kotak Bank and HDFC Bank.
Shares of Reliance Industries climbed around 3 per cent to hit a record closing high of Rs 2,060.65. SBI, ICICI Bank, Tech Mahindra, ITC and Kotak Bank were among the other winners. NSE Nifty advanced 82.85 points, or 0.74 per cent, to close at 11,215.45.
Kotak Bank was the top loser in the Sensex pack, dropping over 2 per cent, followed by Sun Pharma, Bajaj Finserv, L&T, Bajaj Finance, HUL and Titan.
IndusInd Bank, ITC, HDFC Bank, Tata Steel, HDFC, ICICI Bank and Reliance Industries are also among top gainers. SE Nifty jumped 52.35 points to finish at 11,322.50.
ICICI Bank was the top loser in the Sensex pack, shedding around 2 per cent, followed by Bharti Airtel, Axis Bank, Kotak Bank and PowerGrid. NSE Nifty closed 7.55 points or 0.07 per cent down at 11,527.45.
On the Sensex chart, IndusInd Bank, SBI, Dr Reddy's, NTPC, ICICI Bank, HCL Tech and Bajaj FinServ emerged as major laggards.
Bouts of month-end dollar demand from banks and importers hit the rupee
On the Sensex chart, Bajaj Auto, HDFC, Infosys, Tech Mahindra and ICICI bank emerged as the prominent gainers. NSE Nifty ended with a gain of 106.95 points at 14,724.80.
The rupee on Monday gained for the first time in three days and closed up 12 paise to 62.56 against the dollar on fag-end sales of the US currency.
HDFC was the top loser in the Sensex pack, shedding over 2 per cent, followed by Axis Bank, Bharti Airtel, M&M, Reliance Industries, ICICI Bank, IndusInd Bank and Titan.
Commodity markets have been out- of-sync and moved up as other assets depreciated. What's more, this is true for several ranges of commodities. Crude and other fuel sources have hit successive record levels.
Foreign investors keeping off; inflows into bonds also likely to improve if RBI resumes rate cuts.
The rupee ended at 59.18 compared with previous close of 59.33 to the dollar.
The rupee had hit a record low of 68.85 in August 2013.
On the Sensex chart, HDFC, L&T, SBI, Axis Bank, Bajaj FinServ and HDFC Bank were major laggards - dropping up to 2.62 per cent. NSE Nifty closed with a loss of 164.85 points at 15,080.75.
SBI was the top gainer in the Sensex pack, spurting over 2 per cent, followed by TCS, Tech Mahindra, HUL, Bajaj Finance, Kotak Bank and Titan. On the other hand, IndusInd Bank, PowerGrid, Bharti Airtel, Asian Paints and HDFC Bank were among the laggards.
Bouts of dollar demand from importers put pressure on the rupee
The US currency's decline against major world currencies alongside fag-end dollar supply largely helped the rupee recoup some of its initial losses
Despite a heavy battering, the rupee on Tuesday made a smart recovery to close at 63.25 after hitting a fresh low of 64.13 against the US dollar, helped by RBI's massive intervention.
The country's foreign exchange reserves vaulted beyond $140 billion mark as inflows into the kitty swelled by $2.87 billion for the week ended March 11 due to heavy intervention in the market by Reserve Bank of India.
Fresh dollar selling by exporters on hopes of fall in the USD after downward revision to that country's first quarter GDP growth also helped rupee recover as hopes surfaced that the Fed may delay the plan to taper of monetary stimulus.
Forex dealers said a higher opening in the domestic equity market and strengthening of euro against the dollar overseas also supported the rupee.
The Indian rupee continued its downward march and fell by another 48 paise to 46.53 against the US dollar in early trade on Tuesday owing to melting Asian stock markets amid heavy demand for the greenback.
Raghuram Rajan said government would do everything to maintain stable and sustainable financing of CAD.
Indian stocks and the rupee have benefitted from dollar liquidity induced by the US Fed stimulus.
The dollar index was down by 0.02 per cent against a basket of six major currencies.
As global economic risks continue and FII investments in the country becoming volatile, the rupee is likely to remain under pressure and hover around the 52-54 level against the US dollar in the next 10 days, forex market experts feel.
If mangoes become dearer or appreciate in price, we don't ask if the INR has appreciated or depreciated. We talk in terms of the value of mangoes, not INR. Likewise, in the forex market, we should now talk in terms of the value of dollars and not the INR, says Sonali Ranade
If mangoes become dearer or appreciate in price, we don't ask if the INR has appreciated or depreciated. We talk in terms of the value of mangoes, not INR. Likewise, in the forex market, we should now talk in terms of the value of dollars and not the INR, says Sonali Ranade
Axis Bank emerged as the biggest gainer in the Sensex pack, surging 6.62 per cent, followed by SBI at 5.88 per cent.
Forex dealers said euro's gain against the US dollar supported the rupee, but month-end dollar demand from oil importers and a weak opening in the equity market restricted the gains.
Forex dealers said euro's gains against the American currency in the overseas market also supported the rupee.
Erasing early gains, the rupee on Thursday closed six paise lower at 53.22 due to sustained dollar demand after government estimates pegged ongoing fiscal's GDP growth at a decade low of five per cent.
The rupee resumed higher at 53.26 per dollar.
