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Rupee Rebounds From 6-Month Low, Rises 55 Paise Against Dollar: 10 Things To Know

USD vs IVR today: Analysts say positive opening in domestic equity market and easing crude oil prices provided support to the local currency.

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Rupee Rebounds From 6-Month Low, Rises 55 Paise Against Dollar: 10 Things To Know

INR to USD: Rupee has depreciated in seven of the past 10 years, according to Bloomberg.

The rupee rebounded from the six-month low and rose as much as 55 paise or 0.77 per cent against the dollar on Wednesday. Analysts say strong domestic equity markets and easing crude oil prices provided support to the home unit. At the forex market, the rupee opened higher at 71.00 against the US currency and climbed to 70.85 at the day's highest point, against Tuesday's close of 71.40. However, the domestic unit pared some gains and was trading at 70.94 against the greenback at 10:57 am.
Here are 10 things to know about rupee's movement today:
  1. US delaying new tariffs on Chinese electronics to December 15 helped investor's sentiments on Wednesday, analysts were quoted as saying by news agency Reuters.
  2. Positive opening in domestic equity market, encouraging macro data and easing crude oil prices also supported the local unit. However, foreign fund outflows weighed on the rupee, the report said.    
  3. Domestic stock markets rose sharply on Wednesday. The S&P BSE Sensex index gained as much as 438 points to 37,396 and the NSE Nifty 50 index reclaimed the 11,050 level.
  4. Government data on Tuesday showed that consumer inflation came in at 3.15 per cent in July, on the back of softening fuel and light prices, even as overall food prices moved up.
  5. Brent crude futures, the global oil benchmark, fell 1.04 per cent to trade at $60.66 per barrel.    
  6. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 638.28 crore on Tuesday, according to provisional exchange data.    
  7. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.03 per cent to 97.78.    
  8. The 10-year government bond yield was at 6.58 per cent in morning trade.
  9. On Tuesday, the rupee had plunged 62 paise to close at a nearly six-month low of against the dollar in line with battered equities as global market turmoil and Argentine currency crash drove investors to safe havens.
  10. According to Bloomberg, the rupee has slumped more than 3.6 per cent against the greenback this month, setting it up for its second-worst monthly loss since September 2013, as India escalated tensions with Pakistan by revoking seven decades of autonomy for Kashmir. Rupee has depreciated in seven of the past 10 years.




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