Rupee And Bond Update - January 12, 2021: Reliance Securities
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Reliance Securities Report
The Indian rupee appreciated against the U.S. dollar for a third straight session on Tuesday to settle at an over three-month high assisted by gains in regional currencies and fund flows.
The rupee ended at 73.91, its strongest since September 27, compared with 74.04 in the previous session.
Foreign investors have bought around $395 million of Indian equities so far in January, compared with net outflow of $2.5 billion in November and December.
Furthermore, inflows pertaining to Shriram Transport Finance Company Ltd.’s $475-million bond issue also aided the local unit this Tuesday.
The U.S. dollar fell from the highs of the session after Federal Reserve Chair Jerome Powell's testimony signalled that while the Fed will be normalising policy it has not decided on reducing its nearly $9 trillion balance sheet.
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