Overview
- The rupee fell 48 paise to a provisional 88.70 against the dollar on Thursday, after opening at 88.37 and touching an intraday low of 88.74.
- Traders pointed to the Fed’s 25 bps rate cut followed by Jerome Powell’s message that another cut this year is not a foregone conclusion, which supported the greenback.
- The dollar index hovered around 99 and US 10-year yields rose to about 4.07% earlier, reinforcing dollar strength against major currencies.
- Domestic equities slid, with the Sensex down 592.67 points to 84,404.46 and the Nifty off 176.05 points to 25,877.85.
- Month-end dollar demand from oil marketing companies and foreign outflows weighed, with FIIs selling Rs 2,540.16 crore on Wednesday, while softer crude offered limited support.