Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business2 days ago
The Indian rupee depreciated 10 paise to 82.35 against the US dollar (22.43 versus the UAE dirham) in early trade on Wednesday, weighed down by the strength of the American currency market and a negative trend in the Indian equities.
At the Indian interbank foreign exchange, the rupee opened at 82.29 against the dollar, then fell to 82.35, registering a decline of 10 paise over its last close. On Tuesday, the rupee settled at 82.25 against the dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 102.60. Brent crude futures, the global oil benchmark, advanced 0.11 per cent to $74.99 per barrel.
"A risk-off sentiment could increase the demand for US dollar or if Houses manage to crack the deal, then on rising prospects of continuation of US growth, the US dollar will strengthen and other emerging market currencies will weaken," CR Forex Advisors’ managing director Amit Pabari said.
However, a slew of foreign direct investment flows could restrict the intensity of depreciation. Further, the Reserve Bank of India could also keep a close eye on the rates and volatility, Pabari added.
In the Indian equity market, the 30-share BSE Sensex was trading 110.89 points or 0.18 per cent lower at 61,821.58. The broader NSE Nifty declined 26.45 points or 0.14 per cent to 18,260.05.
Foreign institutional investors were net buyers in the capital markets on Tuesday as they purchased shares worth Rs14 billion, according to exchange data.
(With inputs from PTI)
ALSO READ:
Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business2 days ago
Authorities said the Adani Group chairman and seven other defendants agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years
business2 days ago
Company strengthening regional presence and service offering
business2 days ago
Sinochem may keep three refineries in China's Shandong province
business2 days ago
Memorandum of understanding aims to enhance cooperation in the construction sector
business3 days ago
Serenia Living’s architecture and interiors have been led by Palma’s expert team
business3 days ago
Company’s backward integration model reaps dividends
business3 days ago
Participating companies announce several cooperation achievements
business3 days ago