In early trade on Friday, the Indian rupee has slipped to the lowest level of Rs 79.11 against the dollar. It is believed that this has happened due to increasing bearish sentiment among investors due to the continuous withdrawal of money from the market by foreign funds.
On the Inter-Bank Foreign Exchange, the Indian rupee was trading weak against the dollar at Rs 78.99, then suddenly slipped to the lowest level of Rs 79.11. Earlier on Thursday, the Indian rupee had closed down by 3 paise at Rs 79.06.
On the other hand, the dollar index, which measures the strength of the dollar against the six major currencies, is trading at 104.90 with a strength of 0.21 percent on this index.
Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, says that the Indian rupee is open with weakness. There is no indication of fund inflow or strength in Asian currencies from anywhere in the market. Brand crude oil prices are coming down or remain sluggish amid rising interest rates.
Global oil benchmark Brent crude futures rose 0.05 percent to $109.09 a barrel.
Talking about India\'s domestic market, the 30-share is down about 500 points, while the 50-stock Nifty is trading down about 150 points. FIIs remain net sellers in the market. According to stock exchange data, he sold shares worth Rs 1138.05 crore on Thursday.
Also Read: Rupee Vs Dollar: Rupee breaks 18 paise, at an all-time low, Rupee crosses 79 against dollar
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