Rupee falls 8 paise to close at 88.79 against US dollar
Mumbai (PTI): The rupee depreciated 8 paise to close at 88.79 against the US dollar on Friday, near its all-time low level, on dollar demand from importers and persistent foreign fund outflows.
Forex traders said the USD/INR pair is hovering around its all-time low level, weighed down by trade tensions and global uncertainties.
Moreover, persistent foreign fund outflows and the ongoing US visa fee hike issue also dragged down the domestic unit.
At the interbank foreign exchange, the rupee opened at 88.68 against the US dollar and touched an intraday low of 88.85 and finally settled for the day at 88.790, lower by 8 paise from its previous close.
On Wednesday, the rupee recovered 9 paise from its all-time closing low to settle at 88.71 against US dollar.
On Thursday, equity, forex, bullion and commodity markets were closed on account of Gandhi Jayanti and Dussehra.
On September 30, the rupee had fallen to an all-time low of 88.80 against the US dollar.
"The Indian currency steadied within a tight range over the past few days, having suffered a historic low earlier in the week. The underlying mood for the rupee remains down due to sustained capital outflow from foreign investors. Nevertheless, a rebound in local share markets and moderation in crude oil prices to lend some stability," Dilip Parmar, Senior Research Analyst, HDFC Securities, said.
"We expect the rupee to strengthen amid broad weakness in the US dollar and weakness in global crude oil prices. However, importer demand for dollar may cap sharp upside," said Anuj Choudhary, Research Analyst Currency and commodities Mirae Asset ShareKhan.
Choudhary further noted that the US dollar may weaken amid lack of economic data from the US amid the government shutdown. USDINR spot price is expected to trade in a range of 88.40 to 89.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 97.78, lower by 0.06 per cent, amid US government shutdown.
Brent crude, the global oil benchmark, was trading 1.03 per cent higher at USD 64.77 per barrel in futures trade.
On the domestic equity market front, the Sensex climbed 223.86 points to settle at 81,207.17, while the Nifty settled up 57.95 points at 24,894.25.
Foreign institutional investors offloaded equities worth Rs 1,583.37 crore on a net basis on Friday, according to exchange data.
Meanwhile, the Reserve Bank of India (RBI) left its key interest rates unchanged on Wednesday, as it waited for greater clarity on the impact of US tariffs as well as playout of earlier rate cuts and recent tax reductions.
RBI Governor Sanjay Malhotra, however, signalled scope for easing in the coming months to support the economy from any possible hit from US tariffs.
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Allen, Raghuvanshi, Green power KKR to 29-run win over GT
Kolkata (PTI): Finn Allen blasted a 35-ball 93, while Angkrish Raghuvanshi hit an unbeaten 44-ball 82 as Kolkata Knight Riders kept their playoff hopes alive with a 29-run win over Gujarat Titans in the IPL match here on Saturday.
Sent in to bat, Allen went on a six-hitting spree, smashing 10 maximums and four boundaries to add 95 off 41 balls with Raghuvanshi (82).
Raghuvanshi then shared another 108 off 53 balls with Cameron Green (52 not out) to power KKR to a challenging 247 for 2.
In reply, GT could manage 218-4, riding on skipper Shubman Gill's 49-ball 85 and a 35-ball 57 from Jos Buttler. Opener Sai Sudarsan was retired hurt but returned to make a 28-ball 53 not out.
Sunil Narine (2/29) claimed two wickets and Saurabh Dubey snapped one for KKR.
For GT, Mohammed Siraj (1/50), Sai Kishore (1/38) were the wicket-takers.
Brief Score:
KKR: 247 for 2 in 20 overs (Finn Allen 93, Angkrish Raghuvanshi 82 not out, Camero Green 52 not out; Mohammed Siraj 1/50).
GT: 218 for 4 in 20 overs (Shubman Gill 85, Sunil Narine 2/29).
