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Indian Rupee: Likely To Stay Under Pressure

Indian Rupee: Likely To Stay Under Pressure

December 03, 2021 9:07 IST | capital market

Pessimistic global cues are likely to keep the Indian rupee under pressure on Friday, 03 December 2021. Strength in dollar and sustained foreign fund outflows could continue to weigh down the local unit. However, easing crude oil prices could restrict sharp losses in the domestic currency.

On Thursday, rupee slipped 12 paise to close at 75.03 against the US dollar, weighed by uncertainties over the Omicron variant of the coronavirus. At the interbank foreign exchange market, the local currency opened at 75.06 and witnessed an intra-day high of 74.90 and a low of 75.07 against the US dollar. The local unit finally settled at 75.03, down 12 paise over its previous close of 74.91.

Domestic equity benchmarks surged on Thursday. All the sectoral indices on the NSE ended in the green with IT, metal and financial stocks rising the most. The S&P BSE Sensex, surged 776.5 points or 1.35% at 58,461.49. The Nifty 50 index jumped 234.75 points or 1.37% at 17,401.65. Foreign portfolio investors (FPIs) sold shares worth Rs 909.71 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1372.65 crore in the Indian equity market on 2 December, provisional data showed.

Overseas, Asian shares were mixed in Friday, as investors continue to monitor the situation surrounding the omicron Covid variant. In US, futures on the Dow Jones Industrial Average shed about 107 points. The November jobs report is set for release Friday. The three major US stock indices rebounded in Thursdays session. The Dow gained 617 points. The S&P 500 rose 1.4% and the Nasdaq Composite gained 0.8%.

Meanwhile, the dollar index, edged higher for a third day, rising to 96.16. For the week, the dollar is little changed, despite a steep drop on Tuesday. Friday of last week though, the index had plunged 0.70%, the most since May. Powell reiterated in testimony to Congress on Wednesday that he and fellow policymakers will consider swifter action at their Dec. 14-15 meeting.

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