The rupee fell sharply in early trade on China's yuan devaluation. The currency has opened at 64.55 a dollar, the lowest level since September 2013, down 36 paise compared to 64.19 per dollar in previous session.
The market has opened lower on global weakness, tracking China's yuan devaluation. The Sensex fell 115.03 points to 27751.06 and the Nifty declined 39.35 points to 8423. About 345 shares have advanced, 669 shares declined, and 73 shares are unchanged on the BSE.Coal India lost 3 percent as sources said the Finance Ministry will seek the cabinet's nod for the 10 percent stake sale which could fetch nearly Rs 20,000 crore. The company is also expected to report numbers today. Hindalco, too, fell 3 percent after Novelis posting loss of USD 60 million in June quarter. Tata Motors, SBI, ICICI Bank, NMDC (post weak earnings) and HDFC lost 1-3 percent. However, Tata Steel rallied 2.63 percent and Sun Pharma gained 2.43 percent after Q1 earnings. Infosys, TCS, Wipro and Tech Mahindra rallied on sharp fall in rupee. The rupee fell sharply in early trade on China's yuan devaluation. The currency has opened at 64.55 a dollar, the lowest level since September 2013, down 36 paise compared to 64.19 per dollar in previous session. Ashutosh Raina, HDFC Bank said the depreciation of the Chinese Yuan has sent global markets into a tizzy. The entire Asian currency basket has been impacted and the USD-INR currency pair has been no exception with the pair nearing near-term lows, he added. Raina expects the pair to trade weak in a range of Rs 64.20-64.50/USD for the day. The yuan is under pressure after Chinese central bank surprised markets by devaluing it. The dollar index was trading above the 97 mark. US markets closed in the red and the Asian markets too are trading lower as the impact from China's surprise yuan devaluation lingered.European equities too tumbled to close sharply lower. In other asset classes, crude oil fell over 4 percent china devalued its currency while a new projection showed non-opec producers were more resilient than expected to keeping output high amid low prices Precious metal gold remained above USD 1100 an ounce.
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