Rupee hovers at 11-month highs after BJP win in UP election
The rupee opened nearly 40 paise higher at 66.20 on Tuesday against the dollar amid renewed selling of the US currency by banks and exporters. Sentiment was buoyed after the BJP’s victory in the UP Assembly elections.
NEW DELHI: The currency was hovering near to its highest level since April 2016 in early trade.
Meanwhile, equity benchmark Nifty50 hit its new all-time high of 9,122 in early trade. The BSE Sensex was trading 520 points, or 1.76 per cent, up at 29,456 at around 9.18 am (IST), while the 50-share NSE Nifty rose 160.50 points, or 1.80 per cent, to 9,095.
“The USD-INR spot is expected to appreciate as markets cheer the resounding win of the Bhartiya Janata Party in Uttar Pradesh, which will keep the Indian market and the currency positive on Tuesday,” Angel Broking said in a research note.
Foreign portfolio investors stood net buyers in the domestic equity market on Friday, as they bought shares worth Rs 1,937.16 crore on March 10 with gross purchases and gross sales of Rs 755.56 crore and Rs 652.67 crore, respectively.
Last week, government bond yields recorded their biggest weekly rise in four weeks, on concerns about a possible rate hike by the US Federal Reserve this week amid broad economic strength and gains in US treasury yields.
The benchmark 6.97 per cent 2026 bond yield rose slightly to 6.90 per cent on Friday from 6.86 per cent in previous session.
NEW DELHI: The currency was hovering near to its highest level since April 2016 in early trade.
Meanwhile, equity benchmark Nifty50 hit its new all-time high of 9,122 in early trade. The BSE Sensex was trading 520 points, or 1.76 per cent, up at 29,456 at around 9.18 am (IST), while the 50-share NSE Nifty rose 160.50 points, or 1.80 per cent, to 9,095.
“The USD-INR spot is expected to appreciate as markets cheer the resounding win of the Bhartiya Janata Party in Uttar Pradesh, which will keep the Indian market and the currency positive on Tuesday,” Angel Broking said in a research note.
Foreign portfolio investors stood net buyers in the domestic equity market on Friday, as they bought shares worth Rs 1,937.16 crore on March 10 with gross purchases and gross sales of Rs 755.56 crore and Rs 652.67 crore, respectively.
Last week, government bond yields recorded their biggest weekly rise in four weeks, on concerns about a possible rate hike by the US Federal Reserve this week amid broad economic strength and gains in US treasury yields.
The benchmark 6.97 per cent 2026 bond yield rose slightly to 6.90 per cent on Friday from 6.86 per cent in previous session.
