USD/INR closed at Rs 74.12 against its open Rs 74.29.Dollar ended at down Thursday on selling by foreign banks along with exporters after Economic Affair Secretary Subhash Chandra Garg said the government is still open to issue NRI bonds, if needed.
Adding to this, the government would not ask oil companies to share the increase in subsidy burden owing to cut in excise duty cut.The greenback weakened against its major peers tracking a softening in US Treasury yields as investors fear a strong US inflation print due later today, which may lead to further rate hike by Fed.
Global equities are facing serious declines, after Wall street suffered its worst fall since Feb this year. Carnage is seen across the markets. Influencers like aggressive Fed rate hikes going ahead, IMF forecasted slowing global growth, trade tensions are taking a toll on global equities. In all, harsh pounding of equities will be seen here today, unless some actual visible measures are brought out by RBI/Govt machinery to counter the declines."
Sensex ends 750 points lower, Nifty below 10,250.