The Finance Minister’s efforts to cheer up markets failed to instil confidence among market participants, with the rupee and equity markets remaining weak on Thursday. The rupee fell to 58.66/67 per dollar in the intra-day on Thursday, not far away from its record low of 58.98 per dollar recorded on last Tuesday.

However, the rupee closed at 57.98/99 per dollar on Thursday compared to its previous trading day close of 57.79/80 on Wednesday.

“The rupee likely to slowly appreciate and settle within the range of 56-57 per dollar for the coming three to four months,” said K.N. Dey, a Mumbai-based foreign exchange consultant.

Interestingly, the dollar also slumped in the international markets against other major currencies.

Stock market dips

Stock markets dipped by more than one per cent on Thursday despite Fitch’s sovereign upgrade of India and drought worries easing with the start of the monsoons.

The Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) lost 213.97 points to close at 18827.16.

The fall was led by automobile stocks, which lost 2.33 per cent, followed by realty (2.30 per cent), power and healthcare (1.81 per cent each) and PSUs (1.71 per cent).

On the National Stock Exchange, the Nifty closed at 5699.10 down by 61.10 points.