Banking shares dip as rupee weakens
YES Bank, HDFC Bank, IndusInd Bank, Axis Bank, BOI, Kotak Mahindra Bank and BOB are down 3% each on BSE.
Banking shares are under pressure on the bourses after the rupee once again weakened against the dollar and surged past the 65-a-dolalr mark in early trades on Tuesday due to month-end dollar demand.
YES Bank, HDFC Bank, IndusInd Bank, Axis Bank, Bank of India, Kotak Mahindra Bank and Bank of Baroda are down 3% each on the Bombay Stock Exchange (BSE). Federal Bank, ICICI Bank, Canara Bank, Punjab National Bank and State Bank of India from public sector are down 1-2%.
The BSE banking share index, Bankex, the largest gainer among sector indices, was down 2.4% as compared to 1.2% fall in benchmark S&P BSE Sensex at 0925 hours.
At 09:15am, the rupee was trading at Rs 65.29 per dollar compared with Monday's close of Rs 64.31. At the interbank foreign exchange market, the rupee opened lower at 65.005 a dollar and dipped further to the day's low of 65.45.
YES Bank, HDFC Bank, IndusInd Bank, Axis Bank, Bank of India, Kotak Mahindra Bank and Bank of Baroda are down 3% each on the Bombay Stock Exchange (BSE). Federal Bank, ICICI Bank, Canara Bank, Punjab National Bank and State Bank of India from public sector are down 1-2%.
The BSE banking share index, Bankex, the largest gainer among sector indices, was down 2.4% as compared to 1.2% fall in benchmark S&P BSE Sensex at 0925 hours.
At 09:15am, the rupee was trading at Rs 65.29 per dollar compared with Monday's close of Rs 64.31. At the interbank foreign exchange market, the rupee opened lower at 65.005 a dollar and dipped further to the day's low of 65.45.
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First Published: Aug 27 2013 | 9:35 AM IST