Rupee And Bond Update - November 09, 2021: Reliance Securities
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Reliance Securities Report
The Indian rupee appreciated against the dollar on Monday supported by persistent dollar inflows into the IPO’s.
The rupee ended at 74.02 gaining by 0.6%, compared with 74.46 on Wednesday.
The unit had briefly appreciated to 73.99, its highest since September 28, however rumours of the Reserve Bank of India’s presence may have limited appreciation bias.
Meanwhile, the local unit may have been helped by dovish tone of central banks last week who have kept rates steady till inflation eases off.
The U.S. dollar dipped on Monday after hitting 15-month highs on Friday following strong U.S. jobs data while investors digested the report, looked ahead to inflation data and monitored commentary from Federal Reserve officials for rate policy clues.
U.S. consumer inflation data could help traders judge the risks posed by price pressures.
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