A weak US dollar against major world currencies and forex inflows aided sentiment, but recession fears following US jobless data weighed on the local currency, according to forex dealers.
The rupee was flat against the US dollar in early trade on Friday, despite steep losses in domestic equity markets and firm crude oil prices.
A weak US dollar against major world currencies and forex inflows aided sentiment, but recession fears following US jobless data weighed on the local currency, according to forex dealers.
Despite steep losses in domestic equity markets and firm crude oil prices, the rupee was flat against the US dollar in early Friday trade.
A weak US dollar against major world currencies and forex inflows aided sentiment, but recession fears following US jobless data weighed on the local currency, according to forex dealers.
Brent crude, the international trading benchmark, rose 0.89 percent to USD 81.70 per barrel on expectations of lower Russian crude exports from the Baltic region in December.
The Sensex and Nifty fell nearly 1% in early trade, mirroring the weakness of Asian markets. The benchmark BSE Sensex fell 620.66 points to 60,205.56, while the Nifty lost 158.55 points to 17,968.80.
Asian markets fell on Friday after better-than-expected US data fueled expectations that the US Federal Reserve will continue to raise interest rates in the coming year. Revised data showed that the US economy grew much faster than previously estimated in July-September, while jobless claims were lower than expected last week.
According to exchange data, foreign institutional investors (FIIs) became net buyers in the capital markets on Thursday, purchasing shares worth Rs 928.63 crore.
