Indian rupee gained 15 paise to end at 67.03 against the US dollar at at the Interbank Foreign Exchange (forex) market on Tuesday following selling of the American currency by banks and exporters amid firm domestic and global cues.
Indian rupee gained 15 paise to end at 67.03 against the US dollar at at the Interbank Foreign Exchange (forex) market on Tuesday following selling of the American currency by banks and exporters amid firm domestic and global cues. The local currency had opened at 67.11 and closed on Monday at 67.18 level against the US dollar. Domestic equity firm opening also supported the rupee. The BSE Sensex closed 440 points up at an over 13-month high of 28,343.01 and the broader NSE Nifty hit 16-month highs by going past the crucial 8,700-mark following firm global cues amid RBI’s latest report that said near-term growth outlook for India seems brighter than last fiscal and the economy is likely to expand at 7.6 percent in 2016-17. Positive corporate earnings also boosted the market sentiments. NSE Nifty ended 136.90 points up at 8,744.35.
“Rupee gained against US Dollar, on the back robust flows into local equity market and debt segment. Uptrend in US dollar did not have much impact on Rupee over here due to risk on mood. Near term range 66:70/80-67:20/25. Bonds are expected to continue gaining further as 10 year Goisec yields head towards 7 per cent, “Anindya Banerjee, currency analyst, Kotak Securities said.
The rupee on Monday depreciated by 12 paise to close at 67.18 a dollar on account of strong demand for the US currency amid expectations of rate hike by the US Federal Reserve before the end of the year.
The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.08 and for Euro stood at 74.94 on August 30, 2016. While the RBI’s reference rate for the Yen stood at 65.61, the reference rate for the Great Britain Pound (GBP) stood at 87.69.