The Indian rupee was trading marginally higher on Wednesday against the US dollar, backed by positive sentiment in the financial markets about an improvement in the domestic economy, and tracking the strength of Asian peers.
At 2.24pm, the local unit was trading at 61.84, up 0.03% from previous close, after opening at 61.91 in the morning.
India’s benchmark index, S&P BSE Sensex, was trading at 21,289.02 points on the BSE, up 0.38%. A majority of the Asian currencies were trading up with the South Korean won rising 0.24%, Chinese renminbi gaining 0.24% and Indonesian rupiah climbing 0.13%.
Since the beginning of this year, the rupee has lost 0.05%, while foreign institutional investors have bought $440 million during the period from local equity markets.
The yield on India’s 10-year benchmark bond was trading at 8.843%, almost the same as Tuesday’s close of 8.845%. Bond yields and prices move in opposite directions.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 80.175, up 0.01% from the previous close of 80.168.
The contraction in India’s services sector moderated last month but new business declined and input prices rose, a business survey showed on Wednesday.
The HSBC Services Purchasing Managers’ Index (PMI), compiled by Markit, rose to 48.8 in February from 48.3, but remained stuck below the 50 mark that separates growth from contraction for the eighth month.
Elections to the 16th Lok Sabha will be held in nine phases from 7 April to 12 May, chief election commissioner V.S. Sampath announced on Wednesday. Counting for all the 543 parliamentary constituencies, as well for as state assemblies of Andhra Pradesh, Odisha and Sikkim, will be held on 16 May, Sampath added.
Financial markets are expecting a stable regime at the Centre post the elections—much needed for a revival of investor sentiment.
Source:- livemint.com
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