Rupee extends gains for sixth straight session
ETMarkets.com|
Updated: Oct 16, 2017, 09.51 AM IST
NEW DELHI: The rupee extended its gain for sixth consecutive session on Monday and was trading 22 paise up at 64.71 against dollar on account of selling of American currency by banks and exporters coupled with record-setting domestic equities.
The local currency on Friday settled 15 paise up at 64.93 against dollar.
According to Angel Broking, USDINR spot is all set to strengthen towards 64.70 levels again in the holiday shortened week. The appreciation will mostly be due to weak US Dollar Index which has already plunged by 0.88 per cent in the last week and is expected to fall more given the recent release of dovish FOMC Meeting Minutes.
“The committee has warranted another rate increase this year provided low inflation persists. Also, the recent release of robust economic indicators from the nation like IIP, Manufacturing Production and Inflation rate along with GST rate reduction on some commodities will infuse optimism in the markets,” Angel Broking said.
Meanwhile, the BSE Sensex opened 55.54 points, or 0.17 per cent, up at 32488.23, while NSE Nifty index opened 39.95 points, or 0.39 per cent, up at 10207.40.
Government bonds posted their first weekly rise in six weeks, after retail inflation in September rose at a slower-than-expected pace.
The GoI benchmark 6.79% 2027 bond yield declined to 6.73 per cent on Friday from 6.75 per cent on Thursday.
The local currency on Friday settled 15 paise up at 64.93 against dollar.
According to Angel Broking, USDINR spot is all set to strengthen towards 64.70 levels again in the holiday shortened week. The appreciation will mostly be due to weak US Dollar Index which has already plunged by 0.88 per cent in the last week and is expected to fall more given the recent release of dovish FOMC Meeting Minutes.
“The committee has warranted another rate increase this year provided low inflation persists. Also, the recent release of robust economic indicators from the nation like IIP, Manufacturing Production and Inflation rate along with GST rate reduction on some commodities will infuse optimism in the markets,” Angel Broking said.
Meanwhile, the BSE Sensex opened 55.54 points, or 0.17 per cent, up at 32488.23, while NSE Nifty index opened 39.95 points, or 0.39 per cent, up at 10207.40.
Government bonds posted their first weekly rise in six weeks, after retail inflation in September rose at a slower-than-expected pace.
The GoI benchmark 6.79% 2027 bond yield declined to 6.73 per cent on Friday from 6.75 per cent on Thursday.
