It was reported that the rupee slipped by 19 paise to 73.35 against the dollar due to the unabated foreign fund outflows. The traders have mentioned that a lower opening of domestic equity market weighed on a local unit and increased demand for the US currency from importers. It further added that the dollar weakness against some currencies overseas and easing crude oil prices restricted the rupee fall.
Things You Must Know:-
As per the provisional data from equity markets, Foreign investors pulled out rs 2,040.54 crore.
Domestic equity markets staged a smart rebound, the rupee strengthened by paise to close at more than three weeks 73.16 against the US currency as global crude oil prices eased.
In opening trade, the benchmark BSE Sensex plunged 301.49 points, or 0.89 percent, to 33,732.47.
On Thursday, Asian shares plunged as hundreds of billions of dollars hemorrhaged from global markets after a rout in tech stocks inflicted the largest daily decline on Wall Street, wiping out its gains for the year.
Brent crude fell 52 cents to $ 75.65 a barrel, while U.S. crude dropped 53 cents to $ 66.29.