Rupee down, Sensex up

MUMBAI, Nov 25: Even though the stock markets staged a partial recovery on covering by bear operators and buying support by financial insti...

MUMBAI, Nov 25: Even though the stock markets staged a partial recovery on covering by bear operators and buying support by financial institutions, the rupee fell further at the interbank foreign exchange market on Tuesday. After the 120-point fall in the previous day, Sensex recovered by 76.82 points to 3,479.89 on the Bombay Stock Exchange (BSE).

The rupee closed further lower at Rs 38.30/31 against the dollar today even after the Reserve Bank of India pumped in $ 100 million in the forward markets.

Opening the day at Rs 38.08/14 – weaker than Rs 38.05/10 – the rupee weakened further on sustained corporate demand. "After yesterday’s trading today’s trading was relatively calm," a chief dealer in a foreign bank said. The sustained demand saw the rupee touch a intra-day low of Rs 38.40 but subsequently recovered on RBI intervention. The stock market recovery was attributed to attempts by local and FII punters to cover their short positions especially during the last phase of the session on the National Stock Exchange. "The market is in an oversold position and should start correcting itself upward by another 200-250 points, however, it would depend on the political stability," said a senior broker.Brokers said the sentiment turned for better on hopes that threat of mid-term elections was receding.

CID to probe Zubeen Garg’s death after complaint names his manager, festival organiser

India6 min ago

As Assam awaits the return of its superstar icon Zubeen Garg’s body after he died in Singapore, where he was for the North East India Festival, on Friday, the state government has decided to transfer the investigation to the CID following complaints against festival organiser Shyamkanu Mahanta and his manager Siddharth Sharma.

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