Forex traders said investors are at risk amid rising challenges posed by signs of aggressive tightening by the US Fed and geopolitical uncertainties.
Forex traders said investors are at risk amid rising challenges posed by signs of aggressive tightening by the US Fed and geopolitical uncertainties.
The rupee ended 10 paise lower at 76.67 against the US dollar in early trade on Thursday, tracking the greenback’s strength and significant foreign fund outflows.
At the interbank forex, the rupee opened at 76.60 against the US dollar, then lost ground to bid at 76.67, registering a fall of 10 paise from the previous close.
On Wednesday, the rupee had closed almost flat against the US dollar at 76.57.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.37% higher at 103.34.
Forex traders said investors are at risk amid rising challenges posed by signs of aggressive tightening by the US Fed and geopolitical uncertainties.
Furthermore, the dollar index is hovering at 103 indicating a flight to safety. He added that dollar buying is likely to continue in the near future and will lead to a fall in the local unit.
On the domestic equity market front, the 30-share Sensex was trading 253.12 points or 0.45% higher at 57,072.51 points, while the broader NSE Nifty rose 79.40 points or 0.47% to 17,117.80.
Global oil benchmark Brent crude futures fell 1.57% to $103.67 a barrel.
Foreign institutional investors were net sellers in the capital markets on Wednesday as they sold shares worth Rs 4,064.54 crore, according to stock exchange data.