Rupee gains 17 paise, opens at 73.29 per US dollar on RBI intervention, crude oil price fall

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Updated: October 29, 2018 9:50:38 AM

The rupee gained 17 paise Monday, opening at 73.29 per US dollar after RBI’s liquidity infusion announcement and fall in global crude oil prices.

It is the third successive gain for the Indian rupee.

Rupee strengthens: The rupee gained 17 paise Monday, opening at 73.29 per US dollar after RBI’s liquidity infusion announcement and fall in global crude oil prices. The domestic currency closed on Friday at Rs 73.46 versus the greenback. It is the third successive gain for the Indian rupee.

On Friday, RBI had said in a note, “Based on an assessment of the durable liquidity needs going forward, RBI has decided to conduct purchase of Government securities under Open Market Operations (OMOs) for an aggregate amount of ₹400 billion in the month of November 2018.”

The oil prices fell after two-week loss. During the week ending October 26, the price of WTI for December delivery and Brent oil price for December delivery lost 1.58 percent and 2.2 percent, respectively.

Also read: Share market LIVE updates: Sensex turns flat after higher start, Nifty tests 10,050; ICICI Bank gains 5%

“For Indian rupee, 74.32 will be the level to watch out in the downside while 73.88 and 71.50 are the resistance levels,” said Geojit Financial Services.

At 9.15am, the 10-year bond yield stood at 7.829 percent from its Friday’s close of 7.876 percent.

The domestic currency has fallen by 12.5 percent so far this year as foreign investors have sold $5.06 billion and $8.56 billion in the equity and debt markets, respectively.

Meanwhile, the BSE Sensex, opened on a higher note only to turn flat within a few minutes of trading on Monday. ICICI Bank shares zoomed 5 percent after the bank reported strong numbers for the second quarter ended September. The NSE Nifty tested the 10,050 level.

Bharat Petroleum Corporation (BPCL) among the Nifty companies will come out with its quarterly earnings today. Other companies include HDFC Asset Management Company, Coffee Day Enterprises, Tata Power Company, Sun Pharma Advanced Research Company, Just Dial, Colgate Palmolive, LIC Housing Finance, Century Textiles & Industries, Vijaya Bank and Union Bank of India.

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