Rupee rises marginally against US dollar as Sensex logs 330-point gain today

By: | Published: February 8, 2018 5:53 PM

The Indian rupee on rose marginally against the US dollar on Thursday as the key equity index Sensex logged a 330-point gain in the today's trading session.

The Reserve Bank of India fixed the reference rate of the rupee at 64.1616 against the US dollar on Thursday.

The Indian rupee on rose marginally against the US dollar on Thursday as the key equity index Sensex logged a 330-point gain in the today’s trading session. The rupee surged by 2 paise to end at 64.26 against the US dollar. During the day, the domestic currency hovered between the levels of 64.15 and 64.39 per US dollar. In the early afternoon trades, the rupee advanced as much as 13 paise to hit a day’s high of 64.15 apiece US dollar at the interbank foreign exchange market. The Reserve Bank of India fixed the reference rate of the rupee at 64.1616 against the US dollar on Thursday. Earlier yesterday, the rupee fell down to conclude at a new two-month low of 64.28 after the Reserve Bank of India left the key policy rates unchanged.

The Reserve Bank of India in its sixth and last bi-monthly policy of the financial year 2017-2018 kept the repo rate unchanged at 6% and the reverse repo rate at 5.75%. The marginal standing facility (MSF) rate and the Bank Rate were also kept unaltered at 6.25%. There are five taxes on capital which will have an impact on investments. RBI will continue sharing dividend with the government in a mechanical way as per our fiscal year and significant deviations from fiscal stance would make matters more challenging for RBI,” RBI Governor Urijit Patel said.

Meanwhile today, Indian stock markets finally ended on a positive note after seven days with Sensex scaling as many as 330 points to finish in green after seven days as a sharp uptick in shares of Infosys, Sun Pharma, SBI, HDFC and RIL boosted the key equity indices, also all of the sectoral indices concluded up today. The S&P BSE Sensex gained as much as 330.45 points or 0.97% to close at 34,413.16 and NSE Nifty added 100.15 points or 0.96% to conclude at 10,576.85. On Thursday, the volatility in the market dipped relatively as the volatility indicator, India Vix shed 8.69% to close at 17.7725. Indian equities ended in a positive territory after an extended dull activity in last seven days due to Budget 2018 implications, global sell-off and uncertainties over RBI’s last policy meeting in FY18.

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