INR vs USD: Indian rupee rises 67 paise against US dollar on falling crude prices
The rupee appreciated 67 paise to 72 against the US dollar at the interbank foreign exchange Wednesday after crude prices fell to a one-year low in the global market.
Brent crude, the international benchmark, dropped almost 7 per cent to a one-year low of USD 65 a barrel after the US President Donald Trump urged Organization of the Petroleum Exporting Countries (OPEC) and Saudi Arabia to maintain their current policy of gradually increasing output, which helps to cap oil prices.
At the interbank forex market, the rupee commenced with strength at 72.18 and appreciated further to quote 67 paise higher at 72 against the US dollar. The rupee had gained 22 paise to close at 72.67 against the US dollar Tuesday. Foreign institutional investors (FIIs) had sold shares worth Rs 494.95 crore Tuesday, as per provisional data.
Meanwhile, the benchmark BSE Sensex rose 156.56 points, 0.45 per cent, to 35,301.05 in early trade. The Nifty50 index of the National Stock Exchange (NSE) opened at 10,634.90 as compared to Tuesday's close of 10,582.50. The 30-share Sensex was at 35,318.51, up 174.02 points or 0.50 per cent, in the first few minutes of trade on Wednesday. Even the 50-script Nifty was at 10,636.05, posing a gain of 53.55 points or 0.51 per cent.
Key sectors including banks, energy, metals and consumption are trading higher, while IT stocks are under pressure. The Nifty Midcap index is up over 0.60 per cent. It is also to be noted that the Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply.
National Unity Day: A tribute to Sardar Patel | Master Stroke
What all changed after J&K officially bifurcated into 2 UTs? | Master Stroke
Israeli spyware Pegasus snooped on Indian Journalists through Whatsapp | Master Stroke
Maharashtra: Shiv Sena's Sanjay Raut Meets Sharad Pawar
Drill displays IED diffused with the help of a robot by NSG
Article 370 only gave separatism and terrorism to J&K: PM Modi in Kevadiya
Let us work towards making India $5 trillion economy: Modi To Trainee Civil Servant | Full Speech
Radio Stations in Jammu, Srinagar and Leh renamed
Jammu and Kashmir to witness 'Acche Din'? | Seedha Sawal
Expert advice on how to survive poor air quality in Delhi-NCR