Today, the country's non-oil sector accounts for about 74 per cent of the total GDP
business1 day ago
The Indian rupee opened lower on Wednesday on the back of a decline in Asian currencies and weak risk appetite after rating agency Fitch cut the US credit rating.
The South Asian currency dropped to around 82.32-82.34 to the US dollar (22.43-22.44 against the UAE dirham) compared with 82.2550 (22.41) in the previous session.
At around 9.45am, it was trading at 82.47 to the US dollar (22.47 against the dirham).
[Editor's Note: For real-time forex rates, click the widget below or visit KT's dedicated Trading News page here.]
"Let's see if today's session is any different from yesterday's and if there is a follow up to the opening move higher (on USD/INR)," a forex trader at a bank said.
The Indian rupee had declined at the opening on Tuesday but ran into support at 82.30-82.35.
US equity futures and Asian shares dropped on Wednesday after Fitch downgraded the US long-term foreign currency ratings to AA+ from AAA, reflecting likely fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations.
Asian currencies dropped while the dollar index rose to 102.16. The 10-year US yield inched lower in the Asia session.
"The Fitch downgrade should have minimal negative impact on the allure of U.S. Treasuries," DBS Research said in a note. "High inflation and growth remain the key triggers for bond demand."
In the data out on Tuesday, a report suggested U.S. manufacturing might be stabilising at weaker levels in July amid an improvement in new orders, though factory employment dropped to a three-year low.
U.S. private payrolls data is due later in the day. A report on how the U.S. non-manufacturing sector is faring is out on Thursday, followed by the non-farm payrolls report on Friday.
ALSO READ:
Today, the country's non-oil sector accounts for about 74 per cent of the total GDP
business1 day ago
The yellow metal has lost Dh2.5 since Monday
business2 days ago
Investors are advised to deal with only SEBI registered mutual funds
business2 days ago
The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
business2 days ago
The UAE has already signed CEPA with major trading partners such as India, Israel, Chile, Colombia, Turkey, Indonesia, Georgia and Cambodia
business2 days ago
New developments hold key to the future of work, expert says
business2 days ago
A year-on-year (YoY) increase of 20.2 per cent, or Dh135 billion, was recorded
business3 days ago
Course offers training in English language, interviewing skills, resume writing, and job search tips
business3 days ago