Profit

Rupee Gains Some Ground, But Fails To Move Above 69 Mark Against Dollar: 10 Things To Know

The rupee appreciated by 158 paise - or 2.2 per cent - against the dollar for the month of March.

 Share
EMAIL
PRINT
COMMENTS
Rupee Gains Some Ground, But Fails To Move Above 69 Mark Against Dollar: 10 Things To Know
The rupee recovered some ground on Friday, a day after it declined about 0.6 per cent amid concerns about a slowing global economy. Rising by 16 paise against the greenback, the rupee settled at 69.14 for the day after a choppy session. For the week, the rupee declined by 19 paise against the dollar, concluding the month with an overall gain of 2.2 per cent - or 158 paise - on the back of strong dollar inflows into equities. . That marked its highest monthly gain against the US currency since November,.
Here are 10 things to know about the movement in the rupee against the dollar (INR vs USD)
  1. Continued foreign fund inflows in the capital markets and advances in the domestic equity markets supported the currency, say analysts.
  2. Domestic markets extended their gains to a second straight session, with benchmark indexes Sensex and Nifty finishing 0.3 per cent and 0.5 per cent higher respectively. (Read: Sensex returns 17% in financial year 2018-19)
  3. Optimism in the global peers about the ongoing trade talks between the US and China also supported the sentiment, analysts added.
  4. Global shares rose on Friday and were headed for their best quarterly performance since 2012. MSCI's All-Country World Index, which tracks shares in 47 countries, was set to post its best quarterly performance since March 2012.
  5. US Treasury Secretary Steven Mnuchin said on Friday he had a "productive working dinner" the previous night in Beijing, before talks aimed at resolving the trade dispute between the world's two largest economies.
  6. "The RBI intervened to drain dollars that banks had acquired before the foreign-exchange swap earlier this week... that also supported rupee appreciation," said VK Sharma, head PCG and capital markets strategy at HDFC Securities.
  7. The RBI received bids worth $16.31 billion in its rupee-dollar swap auction that conducted on Tuesday. That stood more than three times higher compared with the notified amount of $5 billion.
  8. A jump in crude oil prices battered the rupee however weakness in the dollar overseas provided some support, according to analysts. The dollar index - which measures the greenback against six major currencies - was last seen trading 0.1 per cent lower at 96.653.
  9. Meanwhile, crude oil prices soared in anticipation of a tightening supply , with Brent futures - the global benchmark for crude oil - last seen trading 1.74 per cent higher at $68.75 per barrel. Crude oil markets were on track for their biggest quarterly rise since 2009.
  10. Foreign institutional investors (FIIs) net buyers in the capital markets, putting in Rs 3,594.51 crore on Thursday, provisional data from the NSE showed. Till Thursday, FIIs net purchased equities worth Rs 30,459 crore this month, marking a nearly 77 per cent increase from Rs. 17,220 crore in the previous month, according to data from depository NSDL.

(With agency inputs)





Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top