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Rupee Snaps 2-Day Losing Streak, Rises 54 Paise Against Dollar: 10 Points

The Indian rupee snapped its two-day falling streak against the US dollar on Wednesday on the back of falling crude oil prices.

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Rupee Snaps 2-Day Losing Streak, Rises 54 Paise Against Dollar: 10 Points

Rupee opened at 71.47 and rose to an intraday high of 71.17 against the US dollar.

The Indian rupee snapped its two-day falling streak against the US dollar on Wednesday on the back of falling crude oil prices. However, outflows by the foreign institutional investors capped the gains for the home unit, news agency Press Trust of India reported citing forex traders. The rupee opened at 71.47 and rose to an intraday high of 71.17 against the US dollar. The local unit finally settled at 71.24, higher by 54 paise over its previous close of 71.78.
Here are 10 things to know about dollar-rupee (USD-INR) trade today:
  1. Global equities and oil markets stabilised after Saudi Arabia's energy minister said production capacity at its plant targeted by drone attacks over the weekend would be fully restored by the end of the month.
  2. "Indian rupee led gains in emerging market Asian currencies as crude prices eased after Saudi Arabia partially restored production at its damaged oil plant," Press Trust of India reported V K Sharma, head PCG and capital markets strategy at HDFC Securities as saying.
  3. Mr Sharma further said lower crude oil prices calmed concerns about inflation and the fiscal side which will provide room for the RBI to lower interest rate in the coming October meet.
  4. The Reserve Bank of India, which has already reduced the key policy rate four times in the current calendar year, is scheduled to announce its next bi-monthly monetary policy on October 4.
  5. Market participants were also awaiting cues from the much-anticipated policy meeting of the US Federal Reserve, traders said.
  6. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.20 per cent to 98.46.
  7. Meanwhile, crude oil benchmark, Brent Futures on Wednesday witnessed some moderation and was trading at $64.32 per barrel, down 0.36 per cent.
  8. Foreign institutional investors (FIIs) offloaded equities worth a net Rs 959.09 crore on Wednesday, provisional exchange data showed.
  9. The S&P BSE Sensex and NSE Nifty 50 indices snapped their two-day losing streak led by gains in Reliance Industries, State Bank of India, Tata Consultancy Services, ITC and Axis Bank. The Sensex ended 83 points or 0.23 per cent higher at 36,563.88 and the Nifty 50 index advanced 0.21 per cent or 23 points to close at 10,840.65.
  10. The yield on government of India's 10-year bond fell 11 basis points to end at 6.62 per cent.




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