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    Rupee slips 30 paise, closes below 74 level for the first time

    Synopsis

    FPIs have pulled out around Rs 9,000 crore from domestic market in October so far.

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    NEW DELHI: The rupee hit yet another record low on Monday as it closed at an all-time low of 74.07 against dollar by falling 30 paise, following unabated foreign fund outflows.

    The local currency opened the day at lower at 73.96 against Friday's closing level of 73.77.

    Foreign investors have pulled out around Rs 9,000 crore from the domestic capital market in October so far.

    The latest withdrawal comes following a net outflow of over Rs 21,000 crore from the capital markets (both equity and debt) last month. Prior to that, they had put in a net amount of Rs 7,400 crore in July-August.

    Benchmark equity indices Sensex and Nifty ended positive in a highly volatile session. Value-buying in recently-battered banking, oil and gas and auto stocks reversed the three-session losing streak, helping the Sensex and Nifty to gain around 0.30 per cent each.

    The Sensex swung over 660 points both ways on alternate bouts of selling and buying.

    The 30-share Sensex ended 97.39 points up at 34,474.38, while the NSE Nifty index closed 31.60 points, higher at 10348.05.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

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    15 Comments on this Story

    Manish Gupta742 days ago
    One way to fix the falling currency is to make fix real estate sector.
    Free real estate from all taxes. Remove stamp duty, capital gains, EDC, IDC, Property Tax, GST, Income Tax. This will ensure white money starts flowing into the sector.
    Second demat all property records like share certificate in stock market. This will eliminate fraud.
    Once this happens all over the world NRI will start investing in property in India and that can bring in 100 billion dollars easily, maybe much more.
    Say if each luxury house costs 7 crore (1 million dollar) then 1 lakh houses will need to be bought. Already there are more than 4 crore NRI all over the world.
    Plus it will create demand for steel, cement, lumber and create jobs in plumbing, masonry, electrical etc. etc.
    This can be a big bold step of the government to put India on the right track.
    You cannot compare India to US and say they have high tax also, we should compare India to Singapore/Hongkong where there is no capital gains tax. They have become hubs of capitals and Singapore currency is also very strong.
    narasarao 742 days ago
    The Jaitley effect!
    cruz742 days ago
    The country clearly is slipping instead of concentrating on the India economy we are busy with building statutes , cleaning rivers that can never be cleant and foreign tours . And now this blow will ensure that Modiji will definitely become CM again.
    The Economic Times