Currency

The healthy inflow of foreign funds during March 2019 comes second just to the inflow of Rs 26,473.17 crore seen in March 2017.

Snapping its six-day rising spree, the rupee on Tuesday depreciated by 43 paise to close at 68.96 against the dollar on emergence of demand for the greenback from importers, reported news agency Press Trust of India (PTI). The rupee came under pressure due to rising crude pressure and a caution ahead of the outcome of the Federal Open Market Committee (FOMC) meeting, the agency reported quoting traders. On Monday, the rupee had advanced by 57 paise to close at an over seven-month high of 68.53 against the dollar.

The rupee appreciated against the dollar on Monday to rise above the 69 mark for the first time in more than seven months. The rupee advanced by 57 paise against the dollar to close at 68.53 for the day. That marked the strongest closing for the rupee against the US currency since August 1 last year, and the first above the 69 mark since August 10. Strong dollar inflows and weakness in the greenback overseas aided sentiment in the forex markets, boosting the rupee, say analysts.

On a weekly basis, the domestic currency has added 104 paise.

The rupee opened at 69.28 at the forex market, then gained further ground and touched 69.14, displaying gains of 20 paise over its last close.

Foreign inflows into domestic equities and debt markets have surged, with $1.78 billion pouring in this month as of March 12.

INR vs USD: Forex dealers said, strengthening of the American currency in overseas market weighed on the domestic currency.

The rupee opened at 69.71 at the forex market then gained further ground and touched 69.63, displaying gains of 8 paise over its last close.

The rupee rose as high as 69.56 per dollar, its strongest since January 2 and 0.47 per cent firmer than Monday's close of 69.89.

At the forex market, the rupee opened at 69.73 against the dollar and advanced to 69.64, showing a rise of 25 paise over the previous close.

Forex traders attributed the rupee rise to growing support for the current government in the upcoming general elections.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,095.06 crore on Friday, as per provisional data.

On a weekly basis, however, the domestic currency logged 78 paise gains.

Forex traders said optimism regarding a trade deal between the US and China and weakening of the greenback versus other currencies overseas also supported the rupee.

The rupee advanced by over 30 paise against the dollar to move above the 70 mark on Thursday. That marked the first time in about two months the rupee traded in 69 levels against the dollar in intraday trade. The rupee gained by as much as 33 paise to touch 69.95 against the greenback in morning trade. Still down about 0.73 per cent till Wednesday's close so far this year, the rupee had gained by 64 paise in two trading sessions.