Published on 22/05/2017 2:37:48 PM | Source: Dion Global Solutions Ltd

Rupee trades higher against greenback

Posted in Currency Top News | #Rupee #Currency News

The Indian Rupee continued to trade higher against the greenback on Monday amid fresh selling of dollar by banks and exporters, while sustained fund inflows by foreign portfolio investors also boosted home currency’s movement. Adding to it, firmness in the domestic equity market also gave a lift to rupee.

At the Interbank Foreign Exchange Market, the local currency was up by 08 per cent to trade at 64.62 per dollar against a previous close of 64.70 per dollar at 13:55 hour. Meanwhile, the 30-share barometer SENSEX was trading at 30592.31, up by 127.39 points or by 0.42 per cent, and the NSE Nifty was at 9442.3, up by 14.4 points or by 0.15 per cent.

Foreign Institutional investors, who have pumped in more than USD 2 billion in India so far this month, remained optimist over Indian economy amid hopes that the Narendra Modi-led NDA government would accelerate the pace of reforms after victory in recently concluded state assembly elections. As on May 19, 2017, the FIIs emerged as net buyer in both equity and debt segments.

Gross equity purchased stood at Rs. 5969.89 Crore and gross debt purchased stood at Rs. 927.57 Crore, while the gross equity sold stood at Rs. 5610.17 Crore and gross debt sold stood at Rs. 368.26 Crore. Therefore, the net investment of equity and debt reported were Rs. 359.72 Crore and Rs. 559.31.