Rupee edges higher by 4 paise against US dollar; Sensex, Nifty retract in early tradehttps://indianexpress.com/article/business/market/rupee-value-us-dollar-sensex-nifty-5344370/

Rupee edges higher by 4 paise against US dollar; Sensex, Nifty retract in early trade

The BSE benchmark Sensex drifted lower by nearly 166 points and the NSE Nifty slipped below the 11,500-level in the opening session Friday due to intense selling mainly in banking, power and healthcare shares amid weak Asian cues.

The rupee Thursday plunged to new record low of 72.11 a dollar in intra-day trade before closing at 71.99, showing a steep 24 paise fall.
The rupee Thursday plunged to new record low of 72.11 a dollar in intra-day trade before closing at 71.99, showing a steep 24 paise fall.

The rupee Friday opened on a positive note and was trading marginally higher by 4 paise at 71.95 to the US dollar.

A slight weakness was seen in the American unit against some currencies including yen on fears that US President Donald Trump would take up trade issues with Japan. The dollar trend overseas supported the rupee but losses in domestic equities kept investors mood dampened, capping the domestic currency’s gains.

The rupee Thursday plunged to new record low of 72.11 a dollar in intra-day trade before closing at 71.99, showing a steep 24 paise fall.

Meanwhile, the benchmark Sensex fell 165.72 points, or 0.43 per cent, to 38,077.09 in early trade.

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Sensex, Nifty retract in early trade in line with Asian markets

The BSE benchmark Sensex drifted lower by nearly 166 points and the NSE Nifty slipped below the 11,500-level in the opening session Friday due to intense selling mainly in banking, power and healthcare shares amid weak Asian cues.

The BSE 30-share barometer dropped by 165.72 points, or 0.43 per cent, to 38,077.09 in opening trade as index major Sun Pharma, Yes Bank, SBI, ICICI Bank, NTPC, ONGC and Maruti Suzuki declined.

The gauge had gained 224.50 points in the previous session on value-buying in recently battered stocks.

The NSE Nifty index too fell by 43.40 points, or 0.38 per cent, at 11,493.50.

Brokers said weakness was seen in most Asian markets as investors were cautious in view of ongoing trade war between the US and China and preferred to log gains after yesterday’s strong comeback.

Meanwhile, foreign portfolio investors (FPIs) continued selling on the domestic bourses here. They sold shares worth a net Rs 455 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 611.98 crore on Thursday, provisional data showed.

Globally, in the Asian region, Japan’s Nikkei fell 1.05 per cent, while Hong Kong’s Hang Seng shed 0.51 per cent in their early deals. Shanghai Composite Index too down by 0.13 per cent.

The US Dow Jones Industrial Average ended a shade higher yesterday’s trade.