{"id":2290,"date":"2013-07-08T00:00:34","date_gmt":"2013-07-08T00:00:34","guid":{"rendered":"http:\/\/zerodha.com\/z-connect\/?p=2290"},"modified":"2024-02-02T15:53:03","modified_gmt":"2024-02-02T10:23:03","slug":"financial-chronicle-india-volatile-rupee-fell-to-61-19-sensex-shed-309-90-pts","status":"publish","type":"post","link":"https:\/\/zerodha.com\/z-connect\/general\/financial-chronicle-india-volatile-rupee-fell-to-61-19-sensex-shed-309-90-pts","title":{"rendered":"Financial Chronicle: India volatile: Rupee fell to 61.19, sensex shed 309.90 pts"},"content":{"rendered":"

India volatile: Rupee fell to 61.19, sensex shed 309.90 pts<\/h3>\n

By\u00a0Ravi Ranjan Prasad Jul 08 2013 , Mumbai<\/p>\n

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The volatile rupee touched a low of Rs 61.19\/20 to a dollar intra-day on Monday, forcing stock market investors to go short with no support for the currency forthcoming. Sensex shed 309.90 points to hit the day\u2019s low of 19,185.92 in early trades, coinciding with the rupee\u2019s fall, recovered but still closed 171.05 point down at 19,324.77. CNX Nifty closed 56.35 points down at 5811.55.Emerging market currencies and stock markets had enough cues coming from the US economy which showed further signs of improvement at the weekend. Higher non-farm payroll data in the US released on Friday led to a 147.29 point gain for Dow Jones Industrial Average at the weekend closing of 15,135.84. Sandesh Kirkire, Kotak Mutual Fund CEO, said, \u201cThe volatility in the stock and debt markets is a result of selling by foreign institutional investors in June. Last month FIIs sold nearly $5.6 billion worth of debt securities and $1.8 billion worth of stocks.\u201d<\/p>\n

On the day FIIs were once again net sellers of equities worth Rs 204.46 crore; domestic institutions made net sales of Rs 59.11 crore.<\/p>\n

\u201cThe market sentiment was dampened by a declining rupee raising the cost of imports, especially of crude oil. Since this has an inflationary effect on the economy, the market expects RBI to be circumspect about monetary policy action,\u201d Kirkire said.<\/p>\n

However, in the long run, a weaker rupee is good for India, others say.<\/p>\n

Indranil Sen Gupta, India economist of Bank of America Merrill Lynch, in a report said, \u201cIndia will eventually benefit from the US recovery. Yet, it is just as natural that markets may initially tar all EMs (emerging markets) with the same brush.\u201d<\/p>\n

Nithin Kamath, CEO of Zerodha, a Bangalore- based brokerage, said a weak rupee and a strong dollar are good in the long term for the Indian economy as domestic industry would be able to export more. This would also create jobs.<\/p><\/blockquote>\n<\/div>\n

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India volatile: Rupee fell to 61.19, sensex shed 309.90 pts By\u00a0Ravi Ranjan Prasad Jul 08 2013 , Mumbai The volatile rupee touched a low of Rs 61.19\/20 to a dollar intra-day on Monday, forcing stock market investors to go short with no support for the currency forthcoming. Sensex shed 309.90 points to hit the day\u2019s […]<\/p>\n","protected":false},"author":176551,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[531],"tags":[276],"class_list":["post-2290","post","type-post","status-publish","format-standard","hentry","category-general","tag-news"],"yoast_head":"\nFinancial Chronicle: India volatile: Rupee fell to 61.19, sensex shed 309.90 pts – Z-Connect by Zerodha<\/title>\n<meta name=\"description\" content=\"India volatile: Rupee fell to 61.19, sensex shed 309.90 pts By\u00a0Ravi Ranjan Prasad Jul 08 2013 , Mumbai The volatile rupee touched a low of Rs 61.19\/20 to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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