Home Business Rupee Gains Ground, A Day After Hitting An All-Time Low Of 80.06...

Rupee Gains Ground, A Day After Hitting An All-Time Low Of 80.06 Per Dollar


Rupee gains a touch, a day after hitting its all-time low of 80.06 per dollar

The rupee gained a touch further early on Friday, a day after hitting its lowest ever of 80.06 against the dollar but closing out below the key psychological rate of 80.

Bloomberg quoted the rupee at 79.8963 against the dollar early on Friday, with a trading range of 79.8750 to 79.9088, after opening at 79.8875.

But PTI reported that the Indian currency fell 5 paise to 79.90 against the US dollar in early trade.

In the previous session, the rupee had hit an all-time low of 80.0638, but closed out the day at 79.9538 against the greenback, according to Bloomberg.

That was driven largely because of the Reserve Bank of India’s intervention in the spot and futures markets to limit the sharp decline in the Indian currency.

What has helped the domestic currency is the impetus in Asian stocks and foreign portfolio investments (FPIs) in Indian capital markets rising to the highest since November 17 on Thursday. The net foreign fund inflows on Thursday jumped to over $1 billion.

Fading recession fears on taming of expectations for a very aggressive rate hikes on slowing global economic growth, the dollar well of its recent multi-year highs and a fall in crude oil prices have helped that turnaround in foreign funds flow into Indian markets. 

Asian stock markets were on course for their best week in months, the dollar held off recent record highs and crude oil prices were roughly unchanged after sharp declines on demand concerns.



Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

IRE vs NZ 3rd T20I LIVE Streaming Details: When and Where to watch match?

Ireland will be hoping they they finish the home series vs New Zealand on a bright note. The Andrew Balbirnie and Co have...

In Droupadi Murmu’s Victory, Cross-Voting Bares Cracks In Opposition

<!-- -->Droupadi Murmu won 64 per cent of the votes. (File)New Delhi: A large number of opposition MLAs cross-voted in favour of the...

CSK’s Mukesh Choudhary, DC’s Chetan Sakariya to play in overseas T20 league?

Two Indian cricketers will be seen plying their trade in a foreign T20 league for the first time as Chennai Super Kings' Mukesh...

RBI Has Zero Tolerance For Volatile, Bumpy Moves In Rupee: Shaktikanta Das

<!-- -->The central bank has been supplying dollars, RBI Governor said.Mumbai: India's central bank has zero tolerance for volatile and bumpy movements in...

Recent Comments

disawar satta king