Rand strengthens against the US Dollar

11 Juillet, 2019, 16:23 | Auteur: Auguste Feret
  • Indian currency rupees INR money

According to Rushabh Maru, research analyst at Anand Rathi Shares and Stock Brokers, pressure on crude oil prices also supported the rupee.

The rupee on Thursday moved in a range of 35 paise against dollar.

World stocks rose and emerging market currencies appreciated after US Federal Reserve Chairman Jerome Powell told a Congressional committee that the central bank is ready to "act as appropriate" to boost growth amid multiple headwinds, bolstering hopes of a rate cut as early as this month.

The rupee had rebounded by 15 paise to close at 68.51 against the greenback on Tuesday on fag-end selling of the U.S. currency by banks and importers in line with a late recovery in domestic equities.

The rupee opened at 68.31 a dollar and touched a high of 68.30 - a level last seen on 2 August 2018.

In an appearance before his Congressional overseers on Wednesday, Powell confirmed that the USA economy is still under threat and that the central bank stands ready to "act as appropriate".

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However, strong U.S.jobs data on Friday all but ended expectations of a bold interest rate cut from the Fed at its meeting this month, leaving investors in search of hints on where rates are headed.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 674.26 crore Tuesday, provisional data with the exchanges showed.

After swinging almost 400 points during the day, the 30-share BSE Sensex settled 173.78 points or 0.45 per cent lower at 38,557.04.

The dollar index, which measures the U.S. currency's strength against a basket of major currencies, was at 96.906, down 0.2% from its previous close of 97.104. Similarly, the broader NSE Nifty climbed 84 points, or 0.73 per cent, to 11,582.90.

Brent crude futures, the global oil benchmark, spurted 0.24 per cent to Dollars 67.17 per barrel amid reduced USA inventories and geopolitical tensions.

In debt markets, the yields on the 10-year government bonds were fall 0.20 percent to 6.56 percent from its previous close of 6.54 percent.

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