The Indian rupee fell to an all-time low of 84.195 versus the US dollar, inching down 0.1 per cent from Tuesday’s close as other Asian currencies got pummeled. The rupee muted response could be the Reserve Bank of India possibly selling dollars. Sensex and Nifty both gained in Wednesday morning trade, with markets betting on an impeding Trump win.
Sensex and Nifty were lifted mostly by rallying IT stocks on the US sentiment, with Sensex jumping more than 338 points and Nifty climbing 101 points. IT scripts of Infosys, TCS, Tech Mahindra, and HCL Technologies were comfortably in the green, along with NTPC, Maruti, Bajaj Finserv, Sun Pharma, and Bajaj Finance. All of the 13 major sectors traded in the green, with IT leading.
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JSW Steel and Tata Steel traded in the red with the impending tariff scare. Despite foreign investors offloading almost Rs 2,570 crore worth of shares on Tuesday, markets recovered, with domestic investors buying more than Rs 3,030 crore in equities.
Going further east, only Tokyo and mainland China exchanges traded in the green, while the Korean and Hond Kong markets went red. The Malaysian ringgit, Thai baht, Korean won, and even the Chinese yuan fell by more than 1 per cent, in morning trade with Trump projected to win more battleground states in a tight US Presidential elections.
During the Republican campaign, Trump did invoke India charging high tariffs and hinted at a possible rebuttal. He has only assured at least a 10 per cent tariff imposition on all imports, and much higher on imports from China.
