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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar on Thursday on concerns about persistent foreign outflows from local equities and as oil prices extended their climb.
The rupee ended at 75.52 per dollar compared with 75.45 close in the previous session.
Currently foreign investors being net sellers of Indian equities in all trading sessions since November 18, withdrawing almost $5 billion during this period.
Meanwhile, oil prices are set for a sixth daily rise lifted by optimism that the Omicron mutation might not have a significant impact on oil demand.
Asian currencies were weaker tracking a weaker Chinese yuan, while India's benchmark BSE Sensex rose 0.3%, extending a two-day winning run and capped depreciating bias.
The U.S. dollar rose against a basket of currencies as increased restrictions in parts of the world to contain the spread of Covid-19, including the new Omicron variant, cooled investors' appetite for riskier currencies.
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