Rupee hits fresh all-time low against US dollar
Mumbai (PTI): The rupee depreciated just 1 paisa to close at an all-time low of 88.10 against the US dollar on Monday amid Indo-US trade deal uncertainties and higher dollar demand from importers.
Forex traders said the rupee opened on a weaker note this morning and revisited its all-time intra-day low of 88.33 against the American currency, weighed down by persistent foreign fund outflows.
At the interbank foreign exchange market, the rupee opened at 88.18 against the US dollar, then lost ground and fell to an all-time intra-day low of 88.33, as additional trade tariffs on India by the US raised concerns over India's trade deficit.
The domestic unit finally settled at an all-time closing low of 88.10 against the greenback, registering a fall of just 1 paisa over its previous close.
On Friday, the rupee breached the 88 per US dollar mark for the first time and closed at an all-time low of 88.09. During intra-day trade, it had touched an all-time intra-day low of 88.33.
The rupee recovered from an all-time intraday low on Monday due to the strength in domestic markets, Anuj Chaudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.
On the domestic equity market front, Sensex jumped 554.84 points to settle at 80,364.49, while Nifty surged 198.20 points to 24,625.05.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14 per cent to 97.63, supporting the rupee at lower levels.
The dollar may weaken further, raising the odds of a rate cut by the US Fed in September. Investors may remain cautious ahead of the non-farm payrolls report from the US this week. USD/INR spot price is expected to trade in a range of 87.85 to 88.50, Chaudhary added.
"We expect the rupee to trade with a slight negative bias amid the ongoing trade tariff concerns on India by the US. FII outflows and gains in crude oil prices may also pressurise the rupee," Chaudhary said.
Brent crude, the global oil benchmark, was trading 0.99 per cent higher to USD 68.15 per barrel in futures trade.
Foreign Institutional Investors offloaded equities worth Rs 1,429.71 crore on Monday, according to exchange data.
The RBI on Friday said the country's forex reserves dropped USD 4.386 billion to USD 690.72 billion during the week ended August 22. The overall reserves had jumped from USD 1.488 billion to USD 695.106 billion in the previous reporting week.
On the domestic macroeconomic front, the Indian manufacturing sector witnessed the fastest improvement in operating conditions in over 17 years in August, driven by increased production efficiency and healthy demand conditions, a monthly report said on Monday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) rose from 59.1 in July to 59.3 in August.
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KKR defeat LSG via Super Over
Lucknow (PTI): Kolkata Knight Riders edged Lucknow Super Giants via Super Overs in a battle between two bottom-placed teams in the IPL, here on Sunday.
Chasing a modest 156, LSG suffered a batting collapse and managed to tie the contest and take it to Super Over with No. 9 Mohammed Shami striking a last-ball six against a wayward Kartik Tyagi, who leaked 16 runs in the final over.
But Sunil Narine bowled a stunning Super Over conceding just one run and taking two wickets to give KKR an easy target.
Rinku Singh then finished the chase with a boundary off first ball from Prince Yadav.
Earlier the KKR were in deep trouble with 93/7 in 15 overs but Rinku smashed a sensational 83 not out from 51 balls including four sixes in a row in the final over to lift them to 155/7.
Cameron Green (34) was the only other batter to reach double-digit scores as KKR suffered a familiar batting meltdown with Mohsin taking his maiden fifer.
In reply, LSG continued their dismal show with the bat to succumb to their fifth loss in a row.
Brief Scores:
Kolkata Knight Riders 155/7; 20 overs (Rinku Singh 83 not out, Cameron Green 34; Mohsin Khan 5/23). Lucknow Super Giants 155/8; 20 overs (Rishabh Pant 42). KKR won via Super Over.
