Indian rupee gained marginally against the US dollar in opening trades on Wednesday, a day after the home currency finished at a lifetime low of 74.39 due to a stronger greenback.

Share Market Live

NSE

At 09:15 AM, the rupee was trading at 74.27 a dollar, up 12 paise, from its Tuesday’s close of 74.39. The home currency opened at 74.13 and touched a high and a low of 74.13 and 74.24 a dollar, respectively.

The rupee crashed to a new record low on Tuesday after Brent crude breached the $84 per-barrel-mark again and the US dollar strengthened overseas.

Falling for the sixth straight sessions, it finally closed at 74.39 against the US dollar, down by 33 paise.

The rupee is the worst performing emerging market currency having lost almost 15 percent since January this year. Between April and September the rupee has plummeted more than 7 to the dollar.

Rising US interest rates and bond yields have encouraged investors to pull out funds from emerging markets to pocket better returns, analysts said.

Foreign institutional investors (FIIs) sold shares worth a net of Rs 1,805 crore Monday, provisional data showed.

Nomura noted that policy responses to the depreciating currency have been muted thus far and with limited policy response, the concerns on the rupee have risen significantly.

In debt markets, the yields on the 10-year government bonds declined 0.22 percent to 8.06 percent after closing at 8.08 percent on Tuesday. Bond yields and prices move in opposite directions.

Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know.