Benchmark indices face first weekly decline, steepest in 20 weeks
Sensex and Nifty faced their first weekly decline after four weeks of gains on Friday. The Sensex dropped to a low of 72,485 while the NSE Nifty 50 dipped to a low of 21,932.
The rupee dropped by 16 paise to 64.16 against the US dollar in early trade trade at the interbank forex exchange on Thursday on fresh buying of the American currency by importers.
Traders said the dollar’s strength against some currencies overseas on expectations of an interest rate hike this year weighed on the rupee.
Yesterday, the rupee had ended four paise higher at 64.00 on fresh selling of the American currency by exporters amid heavy foreign capital outflows.
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Meanwhile, the benchmark BSE Sensex advanced by 120.62 points, or 0.37 per cent, to 32,307.03 in early trade.
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