Rupee closes 12 paise higher on RBI repo rate cut

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New Delhi | Updated: October 04, 2016 5:08 PM

Indian rupee strengthened further and closed 12 paise up at 66.46 against dollar after the Reserve Bank of India reduced the key interest rates by 25 basis points

rupee, rbi monetary policy reviewIndian rupee strengthened further and closed 12 paise up at 66.46 against dollar after the Reserve Bank of India reduced the key interest rates by 25 basis points

Indian rupee strengthened further and closed 12 paise up at 66.46 against dollar after the Reserve Bank of India reduced the key interest rates by 25 basis points and the Finance Ministry said the cut will inject liquidity into the system and help to achieve closer to 8 per cent growth in the current fiscal. Domestic equity markets also closed in green on Tuesday. The BSE Sensex settled 91 points up at 28,334.

Earlier, the local currency opened nearly 6 paise higher on account of selling of Amercian currency by banks and exporters. According to market experts, firm domestic equity market also supported the domestic unit.

Equity markets opened on a firm note on Tuesday. The BSE Sensex opened 134.35 points up at 28,377.64, while NSE Nifty opened 31.90 points up at 8770. On Monday, rupee settled marginally higher by 2 paise at 66.59 against the US dollar.

Foreign institutional investors remained net sellers in the domestic equity markets on Monday as they sold shares worth of Rs 183.83 crore yesterday, according to the data available with NSDL. Their gross purchases stood at Rs 5293.71 crore and gross sales remained at 5477.54 crore.

Foreign portfolio investors (FPIs) have bought equities worth $7.5 billion in the Indian markets in 2016 so far

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