In the interbank forex, the domestic unit opened at 81.61 against the dollar, then lost further ground to bid at 81.64
In the interbank forex, the domestic unit opened at 81.61 against the dollar, then lost further ground to bid at 81.64
The rupee fell 17 paise to 81.64 against the US dollar in morning trade on November 10, tracking weak domestic equities ahead of US inflation data.
Forex traders said the focus will be on US October CPI print which will be released later on November 10.
At the interbank forex, the domestic unit opened at 81.61 against the dollar, then lost further ground to bid at 81.64, registering a loss of 17 paise over its previous close.
Read also: Rupee gains 45 paise to close at 81.47 against US dollar
On November 9, the rupee had gained 45 paise to close at 81.47 against the US dollar.
IFA Global Research Academy said, “The poor-than-expected performance by Republicans in the mid-term is also hurting sentiment. Republicans are likely to take control of the House with a smaller margin than before and the Senate race is still open.” In a research note.
It further said that Fed member Neil Kashkari said the Fed will do what it needs to do to reduce inflation and that any talk of a Fed pivot is completely premature.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.26 per cent to 110.26.
Global oil benchmark Brent crude futures rose 0.06 per cent to $92.71 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 412.38 points or 0.68 per cent lower at 60,621.17 and the broader NSE Nifty was trading 95.30 points or 0.52 per cent lower at 18,061.70.
Foreign institutional investors (FIIs) were net buyers in the capital market as they bought shares worth Rs 386.83 crore on Wednesday, according to exchange data. PTI DRR Bal Bali