Rupee Slides To New Low, Sensex Falls 650 Points In Early Trade

Rupee fell 39 paise to 82.72, a new low against the US Dollar in the early trade on Monday, October 10, 2022.

The 10-year bond yields surged 4 bps to 7.50% at open.

Meanwhile, BSE Sensex fell 650 points or 1.12% at 57,541 points in morning trade amid decline in global equities and rise in crude oil prices. Nifty 50 shed 200 points or 1.12% at 17,120 in early trade.

IT Stocks, fell despite some gains being seen in the rupee. Among the losers were Tech Mahindra, Infosys and TCS. The latter is set to declare its results later today. The only two gainers from the Nifty in early trade were Coal India and PowerGrid Corporation.

According to Edelweiss Wealth Research, "emerging pressure for crude oil prices, sustained strength in the US dollar and volatile foreign fund flows would weigh on the Indian rupee. To add to that, the country's external balance would stay pressured. The weakness in the INR against the USD is to prevail and we expect it to move in the range of 82 to 83.15 a dollar this month."