Rupee falls 15 paise to 83.34 against US dollar
Mumbai (PTI): The rupee declined 15 paise to settle at 83.34 against the US dollar on Wednesday due to sustained outflow of foreign funds and increased demand for American currency from importers and banks.
According to forex traders, a robust buying trend in the domestic equity market failed to boost sentiment as investors remained concerned over volatile crude oil prices, fearing disruption in global trade through the Red Sea route.
At the interbank foreign exchange, the domestic currency opened at 83.21 and traded between the peak of 83.20 and the lowest level of 83.35 against the dollar during intra-day deals. The local unit finally settled at 83.34 against the greenback, registering a fall of 15 paise from its previous close.
On Tuesday, the domestic currency settled at 83.19 against the dollar.
Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the Indian rupee depreciated on dollar demand from foreign banks and importers.
"FII outflows also weighed on the rupee. However, positive domestic markets and the weak tone in the US dollar cushioned the downside," he said but added that the rupee is likely to trade with a slight negative bias on month-end dollar demand from oil marketing companies and importers.
"USD-INR spot price is expected to trade in a range of Rs 83 to Rs 83.70," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower at 101.07 on Wednesday.
Global oil price benchmark Brent crude slipped 0.16 per cent to USD 80.94 per barrel.
In the domestic equity market, the 30-share BSE Sensex jumped 701.63 points or 0.98 per cent to settle at a fresh peak of 72,038.43 points. The broader NSE Nifty soared 213.40 points or 1 per cent to 21,654.75 points.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,926.05 crore on Wednesday, according to exchange data.
According to Jateen Trivedi, VP Research Analyst at LKP Securities, the dollar index's weakness has generally kept the rupee stable within this range.
"However, the broader trend is a gradual decline over the past few months, with the RBI providing support around the 83.40-83.50 zones. The global holiday week shall keep range bound volatility continued with range break possible on lower side likely in coming sessions," Trivedi said.
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Ahmedabad awaits runs from Abhishek's bat as India look to improve spin play
Ahmedabad (PTI): A peerless India will be hoping that Abhishek Sharma returns to his destructive ways and the other batters up their game against spin when the side takes the field for its final T20 World Cup league fixture against the Netherlands here on Wednesday.
Having established himself as one of the most dangerous batters in the game over the last 18 months, Abhishek is yet to go ballistic in the ICC event at home thus far.
After a nought in the opener, a stomach infection forced him out of the game against Namibia. He returned for the high stakes Pakistan contest but failed to get a run for the second time in as many matches.
But with Ishan Kishan showing imperious form at the other end, the lack of runs from Abhishek's bat have not impacted the team's cause.
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To be fair to the 25-year-old, his high-risk play has resulted in multiple wins for India and perhaps it is only a matter of time before he makes the best of bowlers look ordinary again.
However, four ducks in his last six innings do suggest that he may need to review his plans in the powerplay.
Considering his intimidating credentials, it is clear that teams have spent extra time in preparation to tackle the India opener.
By his own admission, Abhishek doesn't have the wide range of shots possessed by others in the line-up and he relies on the use of crease and his free flowing bat swing to scare the daylights out of the opposition.
He likes to target the deep cover boundary in powerplay and starting with the USA game, teams have been smart to deploy a fielder in that region.
Pakistan also had set a similar field for him on Sunday that also included a deep mid-wicket, mindful that he doesn't attempt shots behind the wicket often.
With India already through to the next stage of the tournament, the Netherlands game presents an ideal opportunity for him to get back among the runs.
India managed to make short work of Pakistan, thanks to a sublime effort from Kishan and the bowlers. However, for the second game in a row, the batters did not show the conviction displayed by Kishan.
After Namibia captain Gerhard Erasmus was able to trouble the Indian batters with his round arm and behind the stumps variations, another unorthodox spinner, Usman Tariq, was able to keep them quiet in the Pakistan clash.
Even Saim Ayub was effective against the Indians.
With due respect to the Netherlands attack, their quality of spinners are not in the same league even though Aryan Dutt and Roelof van der Merwe have been around for a while.
On the bowling front, India have the option to rest a few bowlers before the Super 8s and that includes pace spearhead Jasprit Bumrah.
After picking Kuldeep Yadav over Arshdeep Singh as the extra spin option in Colombo, the team management is expected to go back to the two specialist pacers combination.
If Bumrah is rested, Mohammed Siraj and Arshdeep are expected to start.
The two likely spinners will be Varun Chakaravarthy and Axar Patel.
The Netherlands would need drastic improvement in their batting and bowling to compete with the defending champions. They lost heavily to USA in their previous game after a convincing win over Namibia.
Ahmedabad has produced the highest total of the games played in India thus far -- 213/4 that South Africa scored in their opener against Canada -- but in the last two games, teams batting first have not managed to cross the 200-run mark.
Even with the Indian involvement, it would be a challenge to pack the world's largest cricket stadium on a pleasant Wednesday evening.
Teams (from):
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India: Suryakumar Yadav (c), Abhishek Sharma, Tilak Varma, Sanju Samson, Shivam Dube, Ishan Kishan, Hardik Pandya, Arshdeep Singh, Jasprit Bumrah, Mohammed Siraj, Varun Chakaravarthy, Kuldeep Yadav, Axar Patel, Washington Sundar, Rinku Singh.
Netherlands: Scott Edwards (c), Colin Ackermann, Noah Croes, Bas de Leede, Aryan Dutt, Fred Klaassen, Kyle Klein, Michael Levitt, Zach Lion-Cachet, Max O'Dowd, Logan van Beek, Timm van der Gugten, Roelof van der Merwe, Paul van Meekeren, Saqib Zulfiqar.
