The Indian rupee on Thursday strengthened past the 67 mark to hit a fresh three-month high against the US dollar after foreign investors continued to buy in local equity and debt markets. This was the 11th out of 12 sessions when the rupee is trading higher.
Foreign institutional investors (FIIs) bought over $800 million in debt markets in the last eight trading sessions, while they bought $700 million in equity markets in the last two weeks.
The local currency opened at 67.05 a dollar and touched a high of 66.95, a level last seen on 11 November 2016. At 9.17am, the home currency was trading at 66.96, up 0.32% from its previous close of 67.19.
The Reserve Bank of India (RBI) on Wednesday signalled an unexpected early end to the two-year-old rate cut cycle, citing concerns of resurgent inflation, and left its key policy rate unchanged.
Asian currencies were trading mixed. Taiwan dollar was up 0.21%, Indonesian rupiah 0.18% and South Korean won 0.12%. However, Japanese yen was down 0.24%, Malaysian ringgit 0.1%, China offshore 0.07% and China renminbi 0.07%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.34, up 0.06% from its previous close of 100.28
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