Sustained foreign fund outflows and renewed global growth concerns are expected to halt rupee rally on Thursday, 12 May 2022. However, slight pull back in dollar after a spurt overnight could lend some support to the local unit. Dollar continues to stay at 20 year peaks on renewed expectations of aggressive rate hike by Federal Reserve following hotter than expected inflation data. On Wednesday, rupee appreciated further by 10 paise to settle at 77.24 against the US dollar. At the interbank forex market, the domestic unit opened at 77.24 against the US dollar. It moved in a range of 77.17 to 77.31 during the day trade. The rupee finally closed at 77.24, registering a rise of 10 paise over its previous close. On Tuesday, the rupee had settled at 77.34 against the American currency. Domestic equity benchmarks declined for the fourth straight session on Wednesday. The barometer index, S&P BSE Sensex fell 276.46 points or 0.51% at 54,088.39. The Nifty 50 index lost 72.95 points or 0.45% at 16,167.10. The 50-unit index has corrected 3.09% in four consecutive sessions. The broader market witnessed a major selloff with the Nifty Smallcap 100 index correcting 2.91%. Foreign portfolio investors (FPIs) sold shares worth Rs 3,609.35 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,181.20 crore in the Indian equity market on 11 May 2022, provisional data showed. Asian stocks were trading lower on Thursday as investors kept an eye on high inflation and tightening monetary policies. Adding to the uncertainty for investors are the war in Ukraine and Covid-19 lockdowns in China that threaten to hurt the global economy. US stocks dropped overnight following the release of the U.S. consumer inflation data. The tech-heavy Nasdaq Composite tanked 3.18% while the broader S&P 500 shed 1.65%. The Dow Jones Industrial Average declined 1.02%. The U.S. consumer-price index increased 8.3% in April from the same month a year ago, data released Wednesday showed, decelerating from an 8.5% annual rate in March. Powered by Commodity Insights
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