Rupee falls 1 paisa to fresh all-time low of 84.32 against US dollar
Mumbai, Nov 7: The rupee slipped 1 paisa to close at a fresh lifetime low of 84.32 against the US dollar on Thursday, as weak domestic equities and sustained foreign fund outflows dented market sentiment.
Forex traders said investors were also cautious ahead of the US Fed meeting outcome. Moreover, overnight gains in crude oil prices also weighed on the local unit.
However, a correction in the dollar index against major currencies helped the rupee and restrained the slide, they added.
At the interbank foreign exchange, the rupee opened at 84.26 against the US dollar. During the session, the local currency touched a high of 84.26 and a low of 84.38. It finally settled at 84.32, a loss of just 1 paisa against its previous close.
On Wednesday, the rupee depreciated 22 paise to close at an all-time low of 84.31 against the US dollar.
The rupee touched fresh record lows again on the back of weak domestic equities and sustained FII outflows. However, the softening of the US Dollar index from Wednesday's highs cushioned the downside, forex traders said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.22 per cent lower at 104.86.
Brent crude, the global oil benchmark, fell 0.32 per cent to USD 74.68 per barrel in futures trade.
"We expect the rupee to trade with a negative bias on overall strength in the US Dollar on the back of Donald Trump’s victory in the US Presidential elections and FII outflows. However, softening of commodity prices amid easing geopolitical risk premium may support the rupee at lower levels," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
Any intervention by the RBI may also support the rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US and FOMC meeting decisions. The Bank of England's monetary policy decision is also due.
"With Asian currencies down, US Dollar up, and yields up, the RBI does not have any option but to allow the rupee to fall to ensure that REER remains competitive for our exports.
"If the FOMC is a bit hawkish in its tone or does not cut rates today or says it will not cut in December, then we could see another fall in rupee to the extent of 84.50," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
BoE and FOMC are expected to cut interest rates by 25 bps. USD/INR spot price is expected to trade in a range of 84.15 to 84.60, Choudhary said.
In the domestic equity market, the 30-share BSE Sensex fell 836.34 points, or 1.04 per cent, to close at 79,541.79 points, while Nifty declined 284.70 points, or 1.16 per cent, to settle at 24,199.35 points.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,888.77 crore, according to exchange data.
"Importers need to be covered for any imports to be paid in November and for December should buy any dip near 84. Exporters are likely to book on every uptick of 25 paise after watching the markets," Bhansali said.
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Devine’s all-round brilliance trumps Nandini’s hat-trick as GG edge DC by 4 runs
Navi Mumbai (PTI): Nandini Sharma’s maiden hat-trick went in vain as Sophie Devine starred with a breathtaking 95 and a superb final over under pressure to steer Gujarat Giants to a thrilling four-run win off the last ball over Delhi Capitals in a Women’s Premier League match here on Sunday.
This was Gujarat Giants' second win on the trot, while DC slipped to their second loss.
Sent in to bat, Giants opener Devine smashed seven fours and eight sixes in her 42-ball knock, adding 94 runs for the opening wicket with Beth Mooney (19) to set the platform.
Skipper Ashleigh Gardner kept the momentum going with a brisk 49 off 26 balls, but Nandini turned the tide with remarkable figures of 5 for 33, including a hat-trick, as Gujarat were bowled out for 209.
Chasing a stiff target, opener Lizelle Lee struck a scintillating 86 off 54 balls, studded with 12 fours and three sixes. She put on 41 runs with Shafali Verma (14) before adding 90 off 55 balls with Laura Wolvaardt (77 off 38) to keep Delhi firmly in the hunt.
Once Lee was dismissed by Kashvee Gautam (1/48) in the 15th over, Rajeshwari Gayakwad removed Chinelle Henry (7) to leave Delhi at 146 for three.
Needing 64 off the last 25 balls, skipper Jemimah Rodrigues (15) joined Wolvaardt as the pair plundered 58 runs in 23 balls to bring the equation down to seven off the final five deliveries.
Devine then returned to the spotlight, dismissing both batters and conceding just two runs in the final over to seal a dramatic win.
Earlier, Devine set the tone early, striking three fours off Chinelle Henry before taking Nandini apart with two fours and a six in the fourth over. She was particularly severe on Sneh Rana, hammering two fours and four successive sixes in an over that yielded 32 runs and powered Gujarat Giants to 80 without loss in the powerplay.
The New Zealander brought up her half-century in just 25 balls before Shree Charani broke the opening stand with a sharp caught-and-bowled effort in the ninth over to remove Mooney. Devine briefly regained control, hitting Charani for three sixes, but fell in the 11th over bowled by Nandini Sharma.
Skipper Ashleigh Gardner kept Gujarat Giants on course with a brisk 49 off 26 balls, smashing four boundaries and three sixes to take the side past the 200-mark.
Jemimah Rodrigues pulled off a fine catch to dismiss Georgia Wareham (3), while Henry removed Gardner and Bharti Fulmali (3).
Nandini then capped a memorable outing by picking up four wickets in the final over, including three off the last three balls, to complete her maiden hat-trick.
