Foreign Outflows - Business Outrank

The rupee declined by 8 paises to 86.96 against the US dollar as foreign portfolio investments remained negative and the dollar index was strong. The forex traders observed a bearish trend on the USD/INR range because foreign investors kept on selling assets in the domestic market and the support of RBI was decreasing. At the interbank foreign exchange, therefore, the rupee opened at 86.94, noted an intraday high of 86.91 and a low of 86.98 before settling at 86.96, lower than the previous close. The rupee had already depreciated by 17 paise to 86.88 against the dollar on Monday. The analysts said that the depreciation of the rupee was due to widening of the trade gap. The exports of the country rose by 2.38% year on year to $36.43 billion in January while imports grew by 10.28% to $59.42 billion due to rise in import of gold. The trade deficit expanded to $22.99 billion. However, the dollar index was up by 0.35% to 106.95, while Brent crude increased by 0.77% to $75.80 per barrel. The domestic bench marks too suffered small losses; the Sensex decreased by 29.47 points to close at 75,967.39 and the Nifty fell by 14.20 points to close at 22,945.30. The equities came under pressure as FIIs pulled out Rs 3,937.83 crore from the Indian markets on Monday. They predicted that the rupee will continue to trade in the negative zone owing to the weak domestic bourses and FII’s negative fund flow though the RBI may come to the rescue and cap the losses. The USD-INR spot price is expected to range between 86.75 and 87.20.

What's Hot

Is the Government Favoring Tesla Over Tata & Mahindra?

Varun Dhawan Shares Adorable Moment Watching India vs Pakistan Match with Daughter Lara

Microsoft CEO Satya Nadella Reflects on Company’s Biggest Oversight in Tech Evolution

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Foreign Outflows

Rupee Drops 8 Paise Again as Foreign Outflows Continue

Is the Government Favoring Tesla Over Tata & Mahindra?

Varun Dhawan Shares Adorable Moment Watching India vs Pakistan Match with Daughter Lara

Microsoft CEO Satya Nadella Reflects on Company’s Biggest Oversight in Tech Evolution

Tech Talent Exodus Looms Over US as Meta’s AI Chief Sounds Alarm

Our Picks

Is the Government Favoring Tesla Over Tata & Mahindra?

Varun Dhawan Shares Adorable Moment Watching India vs Pakistan Match with Daughter Lara

Microsoft CEO Satya Nadella Reflects on Company’s Biggest Oversight in Tech Evolution

Most Popular

Is the Government Favoring Tesla Over Tata & Mahindra?

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Foreign Outflows