The Indian rupee on Friday strengthened against the dollar on selling of the US currency by custodial banks, according to a banker.
At 2.01pm, the home currency was trading at 62.25, up 0.15% from Wednesday’s close of 62.34. The local unit opened at 62.22 per dollar. Rupee was shut on Thursday on account of a public holiday.
“There are some flows coming in from foreign investors and therefore custodial banks are selling dollars. The appreciation would have been higher but there is month end demand from oil companies which is offsetting the rise,” a banker at a public sector bank said on condition of anonymity. The benchmark Sensex fell 0.69% to 29,258.40 points.
Major Asian currencies were trading lower against the dollar. The Malaysian ringgit was down 0.71%, Taiwanese dollar 0.33%, South Korean won 0.33%, Indonesian rupiah 0.22%, Singaporean dollar 0.14%, Philippines Peso 0.12%.
The yield on India’s 10-year benchmark bond was trading at 7.688% compared with its Wednesday’s close of 7.710%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has gained 1.13%, while foreign institutional investors have bought $2.49 billion from local equity and $4.68 billion from bond markets.
The dollar index, which measures the US currency’s strength against major currencies, trading at 94.559, up 0.17% from the previous close of 94.404.
Source:livemint.com
No comments:
Post a Comment