Rupee And Bond Update - August 09, 2021: Reliance Securities
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Reliance Securities Report
The Indian rupee appreciated for a third straight week against the U.S. dollar and had the best week in over two months, aided by inflows related to initial public offering’s and upbeat regional equities.
The rupee ended at 74.16 compared with 74.17 in the previous session.
The unit appreciated by 0.3% this week, its biggest appreciation since the week ended May 28.
Throughout the week, the rupee was aided by dollar sales by foreign banks, related to four domestic IPOs.
The expectation is that flows worth $500 million via these share sales may have come in this week.
Riding on these flows, the local unit rose to a six-week high of 74.07 earlier this week.
However, importers’ dollar demand and likely intervention by the Reserve Bank of India prevented major gains in the rupee.
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