Rupee weakens for fourth session against USA dollar, hits 6-month low

Rupee weakens for fourth session against USA dollar, hits 6-month low”

Last day, rupee had plunged 31 paise to close at a 6-month low of 65.10 after heavy buying of the U.S. currency and concerns on the macro-economic front.

The rupee today hit six-month low of 65.28 against the dollar. US Federal Reserve's intention to hike rates in December and unwinding of its stimulus measures also added in the weakening of the sentiments.

"Now that the dollar-rupee has breached the 65.20 resistance level, the new resistance would be between 65.70 and 66.00", said Anindya Banerjee, associate vice president - currency derivatives at Kotak Securities. A weak rupee is beneficial for the exporters while it hurts importers.

Indian shares may open a tad lower on Tuesday, tracking mixed global cues as investors shrug off geopolitical worries and shift focus to comments from central bank policy makers. The rupee was trading at 65.18 per US Dollar, marginally up by 8 paise.

In the meantime, country's foreign exchange (forex) reserves surged by United States dollars 1,782.5 million as on September 15, according to the latest RBI data. In the global markets, increasing prospects of a December rate hike by the US Federal Reserve has been lending support to the US dollar as against the other worldwide currencies. Investors rushed back to the refuge of safe havens, with the Sensex ending at a fresh one-month low of 31,599.76.

India's economic growth slowed to a three-year low of 5.7 per cent in the June quarter, prompting the government to plan several steps including fiscal stimulus which would push the fiscal deficit wider than budgeted.

To revive the growth, the government made a decision to introduce stimulus package. This is the lowest closing level since March 23 this year.

Meanwhile, domestic stocks fell for the sixth straight day on growing risk aversion as benchmarks found it a tough ask to get over the pessimism set off by foreign institutional selling and the Korean impasse. According to the provisional data released, FPIs offloaded equities worth Rs 1,915.54 crore. However, the investors believe that stimulus package may be coming at the cost of fiscal deficit. Foreign investors and funds remained in exit mode as they have pulled out almost Rs 5,500 crore from local equities so far this month due to geopolitical concerns and a tendency to take profit.

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