Indian rupee closed nearly 15 paise higher at 66.54 against the US dollar at the forex market on Monday on account of increased selling of American currency by banks and exporters.
Indian rupee closed nearly 15 paise higher at 66.53 against the US dollar at the forex market on Monday on account of increased selling of American currency by banks and exporters. Markets sentiments also got a push after reports that foreign investors have poured in Rs 1,445 crore into the stock markets in the first week of October, continuing their bullish stance of the past few months. The local currency opened nearly 11 paise up at 66.57 against the dollar.
Meanwhile, domestic equity markets closed on a flat note with marginal gains. The BSE Sensex closed 21.20 points up at 28,082.34, while the NSE Nifty index settled 11.20 points up at 8,708.80.
According to experts, sustained liquidity inflows by foreign institutional investors, weakness of the US dollar against other currencies overseas after weaker-than-expected US jobs data supported the rupee movement against the greenback in early trade.
Some support also came on reports that investments into domestic capital markets through participatory notes (P-Notes) rose to the highest level in five months at Rs 2.16 lakh crore in August. According to SEBI data, the total value of P-Notes investment in Indian markets — equity, debt and derivatives — increased to Rs 2,16,232 crore in August, from Rs 2,12,179 crore in July.
On Friday, the rupee closed marginally higher by 1 paisa at 66.67 against the dollar.