Rupee hits all-time low; settles 10 paise down at 83.61 against US dollar
Mumbai, Jul 15: Rupee depreciated 10 paise and settled for the day at 83.61 against the US dollar on Monday, weighed down by the overall strength of the American currency in the overseas market.
Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels and significant foreign fund inflows supported the rupee at lower levels.
At the interbank foreign exchange market, the local unit opened at 83.53, but lost ground and touched its all-time low of 83.62 against the dollar. It finally settled at 83.61 against the American currency, registering a loss of 10 paise from its previous close.
On Friday, the rupee settled at 83.51 against the US dollar.
Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said the rupee declined on positive US dollar and rising domestic inflation.
US dollar rose on safe haven demand amid political violence in the US, he said, adding that rising odds of a rate cut by the Federal Reserve in September may limit a sharp upside in the greenback.
"Traders may take cues from Empire State manufacturing index data from the US. USD-INR spot price is expected to trade in a range of Rs 83.30 to Rs 83.80," Choudhary said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.02 per cent at 104.07.
Brent crude futures, the global oil benchmark, were trading 0.09 per cent higher at USD 85.11 per barrel.
In the domestic equity market, the benchmark indices scaled all-time high levels. The 30-share BSE Sensex ended the day 145.52 points, or 0.18 per cent, higher at an all-time high of 80,664.86 points. The broader NSE Nifty settled 84.55 points, or 0.35 per cent, higher at a record 24,586.70 points.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday, as they purchased shares worth Rs 2,684.78 crore, according to exchange data.
According to the official data released on Monday, wholesale inflation in the country rose for the fourth consecutive month in June at 3.36 per cent on account of rise in prices of food articles, especially vegetables and manufactured items.
India's merchandise exports in June increased 2.56 per cent to USD 35.2 billion even as the trade deficit widened to USD 20.98 billion during the month, the commerce and industry ministry data showed on Monday.
The government data released on Friday showed retail inflation increased to a four-month high of 5.08 per cent in June as food items, including vegetables became dearer.
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4 workers die after being buried under coal slurry in Jharkhand's Dhanbad
Dhanbad (Jharkhand) (PTI): At least four workers died after being buried under coal slurry in Jharkhand's Dhanbad district on Saturday, a police official said.
The incident took place at Moonidih coal washery in the command area of Bharat Coking Coal Limited (BCCL).
"Bodies of all four workers were dug out of debris during a rescue operation," Putki police station in-charge Waqar Hussain told PTI.
The incident took place when coal slurry was being loaded into trucks by workers, during which a large chunk of slurry fell and trapped several workers underneath, officials said.
The deceased have been identified as Manik Bauri, Dinesh Bauri, Deepak Bauri, and Hemlal Gope.
Meanwhile, the family members of the deceased and local villagers placed the bodies in front of the washery gate and began a protest.
They demanded compensation, jobs for dependents and action against those responsible for the incident.
Police and administration officials are trying to pacify the protesters, an official said.
