Rupee And Bond Update - August 31, 2021: Reliance Securities
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Reliance Securities Report
The Indian rupee appreciated for a second straight session against the dollar this Monday, supported by dovish statement from the Federal Reserve Chairman Jerome Powell who said that more labour market data was needed before they could begin scaling back bond purchases.
So naturally, this week’s jobs number becomes an important data point for the market.
The rupee ended 73.26 compared with 73.68 in the previous session.
The currency had initially tested an intraday high of 73.22, its highest level since June 15, on sustained dollar sales by foreign banks, but trimmed gains on dollar bids likely for the Reserve Bank of India.
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