The contract rose 5.1 per cent on Monday, the biggest percentage gain since April 12. Oil prices fell on Tuesday, taking a breather after surging more than $5 a barrel in the previous session as a plunging dollar supported buying interest.īrent crude futures for September settlement fell 69 cents to $105.58 a barrel. ".the path of least resistance for the USD is to continue trending higher because of the poor global growth outlook," Commonwealth Bank of Australia analyst Carol Kong wrote in a client note, referring to the dollar's role as a safe haven. That was off Monday's low of 106.88 but also well back from the high of 109.29 last week, a level not seen since September 2002. The dollar index - which measures the greenback's performance against six counterparts - was flat at 107.47. That even as the US dollar hovered just above a one-week low reached overnight versus major peers as markets reduced the odds of a percentage-point Federal Reserve rate hike this month.īets for supersized easing ramped up last week after data showed US inflation, already at a four-decade high, continued to accelerate in June.īut some Federal Reserve officials were quick to throw cold water on such talk, and figures from Friday showed an easing of consumer inflation expectations to the lowest in a year.
On Tuesday, Indian equity indices traded lower in opening deals after rising for two consecutive sessions, taking cues from a broader sell-off in Asian markets, following an overnight slide on Wall Street. The rupee has been battered by an exodus of foreign investors, widening trade and current account deficits and driven by a global stampede into safe-haven US dollars on rising global recession risks.įoreign fund outflows from the country this year are more than the combined inflows of the last two years, with foreign investors pulling out a record $29 billion from Indian assets this year. The Indian currency has plunged over 7 per cent this year, with it closing at a record low in six of the last seven sessions. Reuters and Bloomberg reported on Monday that the partially convertible rupee slumped to a record closing low of around 79.98 against the dollar, versus Friday's close of 79.88.īoth those agencies said that the Indian currency had dropped to an intra-day low of 79.985 per dollar during the session, while PTI said the rupee had briefly hit an intra-day lifetime low of 80. PTI had reported on Monday that the rupee briefly touched an all-time low of 80 per dollar mark, but closed just below that key psychological level. The partially convertible rupee was trading at 79.93/94 per dollar after hitting a record low of 80.05, weakening from 79.97 close on Monday, added Reuters. Reuters said the Indian rupee hit a seventh straight session of record lows on Tuesday as weakness in domestic shares weighed, but dollar selling intervention by the central bank helped limit further losses.
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