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Rupee gains 9 paise against dollar on easing volatility

The rupee ended up 9 paise at 81.58 against the US dollar on Tuesday as market volatility eased ahead of the Reserve Bank of India’s (RBI) monetary policy announcement later this week.

The Sensex ended down 37 points, or 0.07 percent, at 57,107.52. The Nifty closed down 8.9 points or 0.05 percent at 17,007 on the NSE. On Tuesday, foreign institutional investors sold shares worth Rs 2,823.96 crore in the domestic stock market, according to BSE provisional data.

Meanwhile, Wall Street sank deeper into a bear market, with the S&P 500 hitting a two-year intraday low as US Fed policymakers showed appetite for more rate hikes. In afternoon trading, the Dow Jones Industrial Average was down 0.74 percent at 29,045.38 points, while the S&P 500 was down 0.57 percent at 3,634.13. The Nasdaq Composite fell 0.24 percent to 10,777.00.

Meanwhile, according to an FE report, Department of Economic Affairs Secretary Ajay Seth said India has “fairly large” foreign exchange reserves and concerns about their depletion are “overblown”.

With FE and Reuters

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