Rupee opens 4 paise up at 68.57 against dollar
The rupee on Monday opened 4 paise higher at 68.57 against the dollar as banks and importers pulled away from the American currency.
The local currency climbed to a fresh one-month high of 68.26 last week, post RBI policy meet, before retreating sharply. The rupee closed at 68.61 on Friday.
Meanwhile, domestic equity markets opened in the green, latching onto positive global cues. The BSE Sensex opened up 158.54 points, or 0.42 per cent, at 37,714.70. The NSE Nifty index opened higher by 40.70 points, or 0.36 per cent, at 11,401.50.
The forex market sentiment was supported by the Reserve Bank maintaining its growth outlook for the economy, projecting GDP expansion of 7.4 per cent in 2018-19 on the back of robust macroeconomic environment.
The central bank’s upbeat comments on the economic growth outlook predominantly triggered a fresh leg of a bullish move for the home currency after initial weakness.
A significant bullish breakout in the domestic stock markets also supported the upmove.
The local currency climbed to a fresh one-month high of 68.26 last week, post RBI policy meet, before retreating sharply. The rupee closed at 68.61 on Friday.
Meanwhile, domestic equity markets opened in the green, latching onto positive global cues. The BSE Sensex opened up 158.54 points, or 0.42 per cent, at 37,714.70. The NSE Nifty index opened higher by 40.70 points, or 0.36 per cent, at 11,401.50.
The forex market sentiment was supported by the Reserve Bank maintaining its growth outlook for the economy, projecting GDP expansion of 7.4 per cent in 2018-19 on the back of robust macroeconomic environment.
The central bank’s upbeat comments on the economic growth outlook predominantly triggered a fresh leg of a bullish move for the home currency after initial weakness.
A significant bullish breakout in the domestic stock markets also supported the upmove.