Rupee opens 4 paise down at 65.07 against dollar
NEW DELHI: The rupee opened 4 paise down at 65.07 against the dollar on Wednesday on fresh dollar demand from banks and importers.
The domestic equity market opened higher following firm Asian cues. The 30-share BSE Sensex opened 85 points, or 0.29 per cent, up at 29,996, while the 50-share NSE Nifty index opened 26 points, or 0.29 per cent, higher at 9,264. The BSE Sensex touched an intraday high of 30,007 in opening trade.
Currency markets were closed on Tuesday. The USD-INR spot depreciated 0.17 per cent on Monday as investors remained cautious ahead of RBI’s money policy outcome on Thursday.
The local currency closed 18 paise down at 65.03 against the dollar on Monday. Market experts said robust capital flows from foreign institutional investors into equities and debt capped the downside.
Angel Broking in a research note said, “The USDINR spot is likely to trade in a rangebound manner as traders play safe prior to the RBI policy meet.”
Government bonds rose on Monday as traders covered short positions as they awaited the monetary policy committee’s rate decision due on Thursday. The benchmark 6.97% 2026 bond yield fell to 6.65 per cent from 6.68 per cent in the previous session.
Nirmal Bang Securities expects the Reserve Bank of India to maintain status quo on key interest rates at its monetary policy review meeting on April 6, 2017.
“Global risks to inflation have slightly receded with the fall in global commodity prices,” the brokerage said.
The domestic equity market opened higher following firm Asian cues. The 30-share BSE Sensex opened 85 points, or 0.29 per cent, up at 29,996, while the 50-share NSE Nifty index opened 26 points, or 0.29 per cent, higher at 9,264. The BSE Sensex touched an intraday high of 30,007 in opening trade.
Currency markets were closed on Tuesday. The USD-INR spot depreciated 0.17 per cent on Monday as investors remained cautious ahead of RBI’s money policy outcome on Thursday.
The local currency closed 18 paise down at 65.03 against the dollar on Monday. Market experts said robust capital flows from foreign institutional investors into equities and debt capped the downside.
Angel Broking in a research note said, “The USDINR spot is likely to trade in a rangebound manner as traders play safe prior to the RBI policy meet.”
Government bonds rose on Monday as traders covered short positions as they awaited the monetary policy committee’s rate decision due on Thursday. The benchmark 6.97% 2026 bond yield fell to 6.65 per cent from 6.68 per cent in the previous session.
Nirmal Bang Securities expects the Reserve Bank of India to maintain status quo on key interest rates at its monetary policy review meeting on April 6, 2017.
“Global risks to inflation have slightly receded with the fall in global commodity prices,” the brokerage said.
