The Future Ai

“With rupee on the boil, breaching the 94-per-dollar mark and the continuing (foreign) fund outflows from the domestic equities, there will be a lot of pessimism in the near term.”It was the fourth consecutive session for the rupee to weaken against the dollar. This was the first time this month that the rupee closed below the 94 mark.Due to the sell-off, investors were left poorer by a little over Rs 3 lakh crore with BSE’s market capitalization now at Rs 466.4 lakh crore, official data showed.The day’s slide in the sensex came on the back of sharp selling in HDFC Bank, ICICI Bank and Reliance Industries. On the other hand, some buying in stocks like L&T and Bharti Airtel cushioned the fall, but only marginally, BSE data showed.

Rupee down 30p, closes 94.1 to a dollar

The rupee breached the 94 mark to close at 94.1 on Thursday, down about 30 paise from its previous close of 93.8, after touching an intra-day low of 94.39 per US dollar. The currency has now fallen for four consecutive sessions and is down over 1% so far this week. The weakness has been driven by a roughly 15% surge in crude prices, with oil trading above $100 per barrel.