L&T was the top loser in the Sensex pack, dropping 4.99 per cent, after the engineering major posted a 45 per cent decline in consolidated net profit for the September quarter. Titan, ONGC, Axis Bank, HUL, NTPC, M&M and HDFC were the other major laggards, shedding up to 3.32 per cent. NSE Nifty fell 58.80 points or 0.50 per cent to 11,670.80.
Dollar's strength against other currencies overseas capped the rupee's gain
Expectations of good foreign capital inflows into equity market in view of firm trend in the stock market also boosted the rupee value against the dollar.
The rupee had lost 23 paise to end at 54.09 in Tuesday's trade due to month-end dollar demand.
Rupee is likely to remain under pressure due to domestic concerns.
The US currency's decline against major world currencies alongside fag-end dollar supply largely helped the rupee recoup some of its initial losses
Soon after taking over as RBI Governor on September 4, Raghuram Rajan had announced opening of a swap window facility to encourage banks to lure NRI funds.
Sustained month-end demand from banks and importers weighed.
The dollar index, which tracks the world's reserve currency against a basket of its peers, is down 0.16 per cent at 97.58.
The rupee is expected to become more jittery and choppy in the near-term
'The prospects for both India and the global economy is that we are headed towards a very difficult time.' 'I see very uncertain at least 8-10 months for both India and the rest of the world.'
The rupee closes 12 paise down against the dollar.
In cross-currency trades, the rupee firmed up further against the pound sterling
The domestic currency had lost 10 paise to close at 59.03 against the dollar in Thursday's trade amid capital outflows linked to fall in equities.
The rupee on Wednesday gained 14 paise to 54.04 against the dollar in early trade at the Interbank Foreign Exchange on sustained selling of the US currency by exporters and banks.
The NSE Nifty settled at 10,234.65, down 225.45 points, or 2.16 per cent.
Weakness of dollar in the overseas market also boosted the rupee value.
A firming trend in domestic stock markets, however, capped the rupee fall to some extent
The rupee recovered by 13 paise to close at 66.31 per dollar on fresh selling of dollars by banks and exporters despite fall in equity market.
The RBI is still a small player in international gold buying among central banks. But in terms of total gold bought in 2019, it is the sixth largest buyer with 25.2 tonnes purchases in the first 10 months of 2019.
The dollar was weak against major world currencies.
The RBI also asked the oil marketing companies to smoothen their daily dollar demand so that upcoming bunched up demand was covered in advance in forward markets or on days with low dollar demand.
The RBI also asked the oil marketing companies to smoothen their daily dollar demand so that upcoming bunched up demand was covered in advance in forward markets or on days with low dollar demand.
The broader NSE Nifty too dived by 131.70 points, or 1.24 per cent, to close at 10,453.05.
The rupee has lost 37 paise or 0.55 per cent in two days.
Weakness in dollar in the overseas market also boosted the rupee value
The rupee on Monday appreciated by 9 paise to 53.75 against the US dollar in early trade at the Interbank Foreign Exchange on selling of the American currency by exporters and banks.
The Institute of Economic Growth has forecast a depletion in the foreign exchange reserves to $79 billion in August mainly due to over $4 billion dollar payout of Resurgent India Bonds.
Rupee is seen strengthening against the dollar.
The ICE dollar index, which measures the dollar against a basket of six currencies, traded at 79.522 from 79.595 in the previous session.
A weak dollar overseas failed to restrict the rupee's decline, a forex dealer said.
The rupee closed at Rs 66.21 in its last trading session.
The Rupee is seen weakening further against the dollar.
Kotak Bank was the top loser in the Sensex pack, falling around 3 per cent, followed by Axis Bank, Sun Pharma, HDFC Bank, Bajaj Finance and Asian Paints. On the other hand, ONGC, PowerGrid and IndusInd Bank were the gainers.
The Indian rupee on Monday appreciated by 16 paise against the American currency in early trade on hopes of increased capital inflows from foreign funds boosted by last week's rally in the stock markets.
The rupee on Wednesday strengthened by another 3 paise to 62.82 against the US dollar.
Robust capital inflows alongside a slightly weaker greenback too reinforced the dominance of the home currency
The rupee snapped its two-day winning run against the dollar.
Weak trends in local stocks with Sensex dropping by 129 points also weighed on rupee but some capital inflows limited its decline to some extent, forex dealers said.
The rupee largely shrugged off the high volatility in stocks and rebounded sharply towards the fag-end trade following bout of dollar selling by exporters
