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The rupee opened 7 paise down at 68.14 against dollar on account of sustained dollar demand by banks and importers.
The local currency plunged 56 paise on Tuesday, the second biggest single-day fall of 2018, to end at a new 16-month low of 68.07 against the American currency.
“The rupee witnessed a sharp correction testing its lowest levels since January 2017 on Monday on the back of a hung assembly resulting in the Karnataka election. Moreover domestic 10-year yields nearing 8 per cent is only going to aggravate the situation,” said ICICIdirect.com in a note.
Foreign portfolio investors bought shares worth Rs 822.10 crore (net) in the previous trading session with gross purchases and gross sales standing at Rs 4,777.71 crore and Rs 3,955.61 crore, respectively.
Meanwhile, domestic equity markets opened in the red following global cues. The NSE Nifty index breached the crucial level of 10,800, whereas BSE Sensex opened 92 points down at 35,452.
A surge in US government bond yields to their highest level in almost 7 years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China, Reuters reported. The Dow Jones Industrial Average index fell 193 points, or 0.78 per cent, to 24,706.41. The SP500 index lost 18.68 points, or 0.68 per cent, to 2,711.45. The Nasdaq Composite index dropped 59.69 points, or 0.81 per cent, to 7,351.63.