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Indian Rupee Slips Against Dollar in Opening Trade

Opening Trade

The Indian Rupee slips to Rs. 70.93 against the US Dollar in the Opening trade on Friday, 27th September 2019 amidst a stronger dollar in the overseas market.

The Indian currency was trading lower by 5 paise at 70.93 against the US Dollar at 9:25 am. In the Interbank Foreign Exchange Market, the Rupee had been ranging from 70.93 to 70.89 in the opening trade. The rupee had closed at 70.88 on Thursday, 26th September 2019 on foreign fund inflows.

US currency rose to multi-weeks high against the major global currencies because of the impeachment probe into US President Donald Trump weighed on the investor sentiment.

All the while, the crude oil prices had also eased after a quick recovery in Saudi Arabia's production which was hit by many attacks at its oil refineries. The Brent North Sea crude had declined a 0.8 percent to USD 62.21 per barrel.

Easing the crude oil prices and foreign fund inflows brought losses in the Indian rupee against the US dollar, analysts explained.

Foreign institutional investors (FIIs), were the net sellers for the last few sessions. The FIIs bought equities worth a net Rs 737.17 crore on Thursday, 26th September 2019, according to provisional exchange data.

The Indian stocks (domestic stocks) have also declined amidst the weak global cues in the opening trade. BSE Sensex (Bombay Stock Exchange), our market benchmark was down by 14.91 points or 0.04 percent at 38,974.83 while the broader NSE Nifty (National Stock Exchange of India Ltd.) was down by 18.3 points or 0.16 percent to 11,552.90.

Located at Dalal Street, Mumbai, The Bombay Stock Exchange (BSE) is an Indian stock exchange that is the world's 10th largest stock exchange. It is the largest securities market in India. On the other hand, the National Stock Exchange of India Limited (NSE), is another leading stock exchange in Mumbai. It provides an efficient securities market to investors using electronic trading systems.

Read more:- Top Mutual Funds Schemes to Invest in 2019-2020

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