On Wednesday, the rupee lost 44 paise to settle at 75.77 against the US dollar, as riskier assets fell in value amid rising global concerns. Foreign capital outflows, a lacklustre trend in domestic equities, and higher crude oil prices, have all weighed on investor mood, Forex traders attributed.
The rupee began at 75.78 versus the US dollar in the interbank foreign currency market, but later fell to 75.86. The local currency ended the day at 75.77, down 44 paise from the previous closing. The rupee was trading at 75.33 against the dollar on Monday. Due to Mahashivratri, the Forex market was closed on Tuesday.
The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.20 percent at 97.60. Brent crude futures, the global benchmark, rose 5.71 percent to USD 110.96 a barrel.
On THE Indian stock market front, the BSE Sensex fell 778.38 points, or 1.38 percent, to 55,468.90, while the wider NSE Nifty down 187.95 points, or 1.12 percent, to 16,605.95.
According to stock exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs.3,948.47 crore.
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