Indian rupee depreciated by 16 paise against dollar

Sep 28 2017 10:25 AM
Indian rupee depreciated by 16 paise against dollar

The rupee hits six and a half month low today as it slipped 16 paise of 65.88 against the US dollar in beginning trade.

According to the Mohan Shenoi of Kotak Mahindra Bank, "Despite soft inflation, US Fed is expected to raise rates in December this year. This coupled with the proposal to reduce corporate tax in the US has resulted in dollar strength."

"The rupee is also hurt by weak stock markets and rising oil prices. We expect the USD-INR pair to trade in a range of 65.50-65.80 for the day."

"Bearishness in Indian bond market continues on the back of rising oil prices and inflation. The important trigger will also be the auction calendar for the second half of this fiscal expected today."

Meanwhile, in Wednesday's trade, the rupee plunged 27 paise to close at 65.72.

However, the BSE benchmark Sensex slipped further by 44.27 pts, or 0.14 per cent, to 31,115.54 in the beginning trade today.

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