The rupee on Monday strengthened for the fourth consecutive session, even as the local stock market rose for the seventh consecutive session.
At 1.55pm, the local currency was trading at 63.54, up 0.04% from its previous close of 63.56. It opened at 63.49 and touched a high of 63.46, a last level seen on 15 May 2015.
Investors were encouraged by signs of a compromise in Greece’s debt talks with its creditors. Greek Prime Minister Alexis Tsipras will meet the heads of the European Commission, European Central Bank and International Monetary Fund on Monday ahead of a summit of euro zone leaders later in the day aimed at reaching a deal over debt talks, Reuters reported.
The stock market benchmark Sensex was trading higher for the seventh consecutive session. Since 11 June, it has gained over 1,358 points or 5.04%. At 1.55pm, the Sensex was trading at 27,730.94 points, up 1.52% or 414.77 points.
The yield on India’s 10-year benchmark bond was trading at 7.726% compared with its Friday’s close of 7.713%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has lost 0.78%, while foreign institutional investors have bought $6.26 billion from local equity market and $6.32 billion from the bond market.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.277, up 0.2% from its previous close of 94.085.
Source:livemint.com
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