Live: Indian Rupee Closes 0.33% Higher At 76.31 Against U.S. Dollar
Catch the live updates from the Indian currency market here.
Rupee Closes 0.33% Higher At 76.31 Against U.S. Dollar
Rupee closed higher for the second day straight even after depreciating from day's high. The Indian currency appreciated 0.33% to 76.31/$ aided by the Indian equity market ending higher for the third day in a row, led by FMCG, metals stocks.
The trends for five state assembly elections also boosted market sentiment as the ruling BJP led in majority of the seats in India's largest state of Uttar Pradesh.
Rupee Rises 0.64% To 76.08 Against U.S. Dollar
The rupee extended its opening gains, appreciating 0.64% to 76.08/$.
Lower crude oil prices continue to be the dominant factor in trading, alongside a stronger dollar. An upmove in the equity markets with the Sensex and Nifty trading 2% higher also helping sentiment in the currency markets.
India Yields Drift Lower
Yields fell across the India sovereign yield curve in Thursday morning trading.
The 4-year yield fell 4bps to 6.045%
The 10-year yield fell 5bps to 6.79%
The 14-year yield fell 4.6bps to 7.119%
The 4-year-10-year yield spread was 76.5bps, vs previous close 76bps
Source: Bloomberg
Rupee Opens 0.46% Higher At 76.21 Against The Dollar
Rupee opens 0.46% higher at 76.21/$ on Thursday, extending Wednesday's gains. Indian equity market opened higher with the Nifty reclaiming the 16,700 mark. Lower crude prices and the hope of conciliatory talks between the foreign ministers of Ukraine and Russia helped the Indian currency strengthen.
The dollar index has also corrected by more than a percent from its recent peak of 99.42 to the current level of 98.12, said Imran Kazi, vice president at Mecklai Financial. "While the sentiments have improved, the energy prices still are on the higher side; and thus medium-term pressure on the rupee still persists."
Indian Rupee Appreciated Against Dollar On Wednesday
The Indian rupee appreciated 0.45% to 76.56 against the dollar Wednesday as crude prices eased from their peak and equity markets rebounded.
Crude took a breather on hopes of positive talks in a meeting of foreign ministers of Ukraine and Russia to be held in Turkey on Thursday.
The Indian equity market gained for the second consecutive session after a four-day losing streak. This is also the second-best session since Russia's invasion into Ukraine on Feb. 24. The Sensex and Nifty 50 closed over 2% up on Wednesday.
