<p>The rupee opened on a weak note and declined by 19 paise to 71.47 against the US dollar in opening trade on Thursday, tracking weak opening in domestic equities, even as crude oil prices eased.</p>.<p>Forex traders said most Asian currencies declined after the US Federal Reserve kept its key policy rates steady.</p>.<p>"Federal Open Market Committee (FOMC) kept interest rates unchanged at 1.5-1.75 per cent and gave a positive picture of the US economy.</p>.<p>"However, Fed Chairman Jerome Powell expressed concern over inability to get inflation to the 2 per cent level and the fact that corona virus can be the new risk on the horizon. This led to a safe-haven demand in dollar index and we saw a gap up opening in USD/INR spot," said Rahul Gupta, Head of Research - Currency, Emkay Global Financial Services.</p>.<p>The rupee opened weak at 71.39 at the interbank forex market and then fell further to 71.47, down 19 paise over its last close.</p>.<p>The rupee had settled at 71.27 against the US dollar on Wednesday.</p>.<p>Market participants further said that factors like weak opening in domestic equities and foreign fund outflows weighed on the local unit, while easing crude oil prices supported the local unit.</p>.<p>Brent crude futures, the global oil benchmark, fell 1.07 per cent to USD 59.17 per barrel.</p>.<p>Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,014.27 crore on Wednesday as per provisional data.</p>.<p>Domestic bourses opened on a negative note Thursday with benchmark indices Sensex trading 229.23 points down at 40,969.43 and Nifty down 49.90 points at 12,079.60.</p>.<p>Forex traders said market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.</p>.<p>"if the rapid spread of the virus becomes a global emergency then we can see USD/INR spot to rallying towards 71.80/72.00 zone. Meanwhile, we have the Union Budget this weekend, ahead of which spot may remain on an edge," Gupta said. </p>
<p>The rupee opened on a weak note and declined by 19 paise to 71.47 against the US dollar in opening trade on Thursday, tracking weak opening in domestic equities, even as crude oil prices eased.</p>.<p>Forex traders said most Asian currencies declined after the US Federal Reserve kept its key policy rates steady.</p>.<p>"Federal Open Market Committee (FOMC) kept interest rates unchanged at 1.5-1.75 per cent and gave a positive picture of the US economy.</p>.<p>"However, Fed Chairman Jerome Powell expressed concern over inability to get inflation to the 2 per cent level and the fact that corona virus can be the new risk on the horizon. This led to a safe-haven demand in dollar index and we saw a gap up opening in USD/INR spot," said Rahul Gupta, Head of Research - Currency, Emkay Global Financial Services.</p>.<p>The rupee opened weak at 71.39 at the interbank forex market and then fell further to 71.47, down 19 paise over its last close.</p>.<p>The rupee had settled at 71.27 against the US dollar on Wednesday.</p>.<p>Market participants further said that factors like weak opening in domestic equities and foreign fund outflows weighed on the local unit, while easing crude oil prices supported the local unit.</p>.<p>Brent crude futures, the global oil benchmark, fell 1.07 per cent to USD 59.17 per barrel.</p>.<p>Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,014.27 crore on Wednesday as per provisional data.</p>.<p>Domestic bourses opened on a negative note Thursday with benchmark indices Sensex trading 229.23 points down at 40,969.43 and Nifty down 49.90 points at 12,079.60.</p>.<p>Forex traders said market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.</p>.<p>"if the rapid spread of the virus becomes a global emergency then we can see USD/INR spot to rallying towards 71.80/72.00 zone. Meanwhile, we have the Union Budget this weekend, ahead of which spot may remain on an edge," Gupta said. </p>