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  • Mid Session Commentary - Detailed News

Indian Rupee: Extends Losses On Sustained Foreign Fund Outflows
23-Jul-19   11:12 Hrs IST

The Indian rupee extended losses against the dollar in early trades on Tuesday, 23 July 2019 amid sustained foreign fund outflows and rising crude oil prices. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,916.91 crore on Monday, as per provisional data. Besides, strengthening of the US dollar vis-a-vis against other currencies overseas kept pressure on the Indian rupee. Meanwhile, market participants are not very hopeful about large-scale easing by the Reserve Bank, following RBI Governor Shaktikanta Das's statement, wherein he said a change in monetary policy stance effectively equates to an additional 25-bps rate cut. However, a positive opening in domestic equities supported the local unit and restricted the fall.

The domestic currency opened at Rs 68.98 against the dollar and dropped to a low of 69.05 so far during the day. In the spot currency market, the Indian unit was last seen trading at 69.00. The rupee had settled at 68.92 against the US dollar on Monday.

Domestic benchmark indices bounced back from early low in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 50.64 points or 0.13% at 38,081.77. The Nifty 50 index was up 8.50 points or 0.07% at 11,354.70.

Overseas, most Asian Stocks were trading higher on Tuesday, following overnight gains on Wall Street amid better-than-expected earnings. U.S. stock-market indexes closed higher Monday, as investors adjusted expectations around a widely anticipated rate cut by the Federal Reserve at the end of the month and began wading through a sea of corporate results after a strong start to earnings season. U.S.-China trade negotiations were in focus, after reports that the two sides would soon meet face-to-face, with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin traveling to Beijing next week.

Meanwhile, the dollar index (DXY) was marginally higher at 97.314. The U.S. central bank is widely expected to lower its target range of 2.25%-2.50% by 25 basis points at a meeting ending July 31, but expectations for a larger 50-basis point cut have waxed and waned due to mixed signals from Fed policymakers.

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