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Markets off day’s low; Rupee over 68/USD

This article was posted on Aug 28, 2013 and is filed under Market News

The broader markets fell with mid-caps and small-caps dropping 1.5-2 per cent on the BSE.

Markets pared losses in the late-morning session on back of modest recovery in bank index, however, sentiments remained weak as investors feared that the country’s fiscal deficit may widen further after Lok Sabha approved $20 billion plan to provide cheap food to poor people.

Risk appetite further dampened on fear over military action by the US after Secretary of State John Kerry held Syrian government accountable for using chemical weapons in an attack over civilians.

At 11:30AM, the 30-share Sensex declined 301 points at 17,668 and the 50-share Nifty dropped 106 at 5,180 levels.

The broader markets fell with mid-caps and small-caps dropping 1.5-2 per cent on the BSE.

The market breadth was negative. Out of 1,654 stocks traded, 1,213 stocks declined while 367 stocks advanced on the BSE.

RUPEE

The rupee once again weakened against the dollar in today due to month-end dollar demand, said currency dealers.

At 11:20AM, the rupee was trading at Rs 68.10 per dollar on the Interbank Foreign Exchange after touching a low of Rs 68.02 in early trade on Wednesday.

The previous all-time low was Rs 66.19 per dollar, a level the rupee had ended on yesterday. The currency has fallen more than 8% so far this week.

Source: Business Standard

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