Rupee falls 41 paise to 75.19 against US dollar in early trade

US stock markets closing: How S&P 500, Dow Jones, Nasdaq, Russell 2000 fared on Wednesday

Global oil benchmark Brent crude futures fell by 0.80 per cent to USD 89.24 per barrel. "The Indian Rupee witnessed a gap down trade this Thursday morning as the dollar and Treasury yields bounced after US Federal Reserve Chairman Jerome Powell signalled a shift away from pandemic-era economic support measures, with the central bank on course for a March interest rate hike, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Also Read: Asian stock markets fall as Powell warns on inflation

Moreover, Asian currencies were weak this Thursday morning and uncertainty over Ukraine will also weigh on sentiments, Iyer said, adding that the Reserve Bank of India could be present to curb volatility. On the domestic equity market front, the 30-share Sensex was trading 323.98 points or 0.55 per cent lower at 59,507.20, while the broader NSE Nifty declined 258.55 points or 1.5 per cent to 17,019.40.

Also Read: India's 10-yr yield hits 25-month high, rupee falls as Fed signalled rate hike

Foreign institutional investors remained net sellers in the capital market on Tuesday, as they offloaded shares worth Rs 7,094.48 crore, as per exchange data.