Monday, 9 November 2015

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The domestic equity market on Monday felt the aftershocks of a humiliating defeat for the BJP-led led NDA in the Bihar assembly election. A decisive victory for the rivals is likely to increase uncertainty over the NDA government’s reforms process.

The rupee slipped below the 66-level by tumbling 74 paise, or 1.11 per cent, at 66.50 against the US dollar in early trade today on strong demand for the American currency from banks and importers.

Gains in the dollar against major global currencies following surge in US jobs last month put pressure on the Indian unit, dealers said.Besides, a lower opening in domestic equity markets, weighed on the rupee, they added.The rupee had closed one paise lower at 65.76 against the US dollar at the Interbank Foreign Exchange on Friday.

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