Rupee gains 9 paise against US dollar as Indian equities finish at record highs today

By: | Published: January 23, 2018 5:26 PM

The Indian rupee gained as much as 9 paise against the US dollar on Tuesday as Indian equities finish at record highs with the benchmark indices Sensex and Nifty breaching the psychological level of 36,000 and 11,000 respectively.

The Reserve Bank of India today fixed the reference rate of the rupee at 63.7722 against the US dollar.

The Indian rupee gained as much as 9 paise against the US dollar on Tuesday as Indian equities finish at record highs with the benchmark indices Sensex and Nifty breaching the psychological level of 36,000 and 11,000 respectively. The rupee added 9 paise at 63.78 apiece US dollar at the interbank foreign exchange market on Tuesday. During the day, rupee hovered in a range of 63.74 and 63.91 after opening down by 3 paise at 63.90 in the early trades. The Reserve Bank of India today fixed the reference rate of the rupee at 63.7722 against the US dollar. Earlier yesterday, the rupee reversed its position from the intraday low value to settle down 2 paise against the US dollar.

In the meantime, Prime Minister Narendra Modi on Tuesday took leadership in highlighting the problem of climate change and global warming at his maiden plenary address at the World Economic Forum in Davos, as one the three most dangerous problems the world is facing. Narendra Modi further also took the stage to tell the world what steps India has taken to protect the environment. “Everyone says that carbon emissions must reduce but how many nations actually step forward to help others in this pursuit,” he asked.

“We must think that whether our greed for development has taken us forward or has it caused our destruction,” he added. He said that India is committed to achieving the 175 gigawatts of renewable energy by 2022 and so far has achieved one-third of the target. The Prime Minister said that terrorism and protectionism are two other big threats that the world is facing today. Swiss President Alain Berset, too, pitched for openness and social inclusion in his welcome address to the summit before Narendra Modi’s speech.

In a recent development, International Monetary Fund projected that India could grow at 7.4% in 2018, as against China’s 6.8% making it the fastest growing country among emerging economies following last year’s slowdown due to demonetisation and the implementation of the GST. Notably, the International Monetary Fund has projected a 7.8% growth rate for India in 2019.

Meanwhile, India’s stock market made new all-time highs on Tuesday with benchmark indices Sensex and Nifty crossing the psychological levels of 36,000 and 11,000 for the first time in the history of Indian capital markets. The S&P BSE Sensex amassed as much as 341.97 points or 0.96% to close at 36,139.98 and Nifty added 117.5 or 1.07% to conclude at 11,083.7 while Nifty Bank surged 1.27% to close at 27,384.5. Domestic markets started the day at record highs with Sensex and Nifty breaching the round figure levels of 36,000 and 11,000 within minutes of opening up of the market

During the day, the benchmark Sensex jumped 372.82 points to mark the all-time high of 36,170.83 whereas the 50-share barometer Nifty advanced 126.7 points to hit an intraday all-time high of 11,092.9. In the wee minutes of morning trades, Sensex surged heavily to breach the psychological level of 36,000 within four sessions when the key equity index crossed 35,000-mark on Wednesday last week. The domestic markets are on a continuous rising spree since about last 13 months with Sensex and Nifty making and breaking newer highs day after day.

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