INSUBCONTINENT EXCLUSIVE:
Rupee hit a low of 68.97 in intraday trade in sync with weakening of other currencies in the region.The rupee on Tuesday made a strong
comeback against the US dollar, a day after it touched a near five-year low of 68.80
Recovering by a steep 23 paise, the rupee ended at 68.57, on fresh dollar selling by exporters and corporates, reported news agency Press
Overall, sentiment turned increasingly bullish on general dollar weakness related to twists and turns following renewed concerns on the
The dollar index, which measures the American currency against a basket of six major currencies, declined 0.4 per cent.1
Crude prices rose sharply after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted
US crude to levels not seen since late 2014
The rupee hit a low of 68.97 in intraday trade in sync with the weakening of other currencies in the region and also heavily weighed down by
before ending at 68.57, showing a smart gain of 23 paise, or 0.33 per cent, against the greenback.3
On the macro front, growth of eight infrastructure industries dropped to a ten-month low of 3.6 per cent in May due to a decline in
production of crude oil and natural gas
This is the lowest growth rate since July 2017 when infrastructure industries had expanded by 2.9 per cent
per cent in the corresponding period last year
The government had budgeted to cut fiscal deficit to 3.3 per cent of GDP in current fiscal year, from 3.53 per cent of GDP in 2017-18.5
Meanwhile, the rebound on the local equities came on the back of value buying in beaten down stocks along with some short-covering
The global capital markets also showed some stability after recent beating.(With agency inputs)
