Rupee strikes highest gains since August
DSIJ Intelligence / 02 Aug 2017
The rupee has been trading at its highest level since August 2015 at 63.87 per US dollar in the afternoon hour on Wednesday.
The rupee has been trading at its highest level since August 2015 at 63.87 per US dollar in the afternoon hour on Wednesday.
Volatile trades in currency market may be due to the hope of a rate cut in the RBI’s third bi-monthly monetary policy meeting. The stellar rally by major indices in the market and steady dollar unwinding by exporters has led to an appreciation of the rupee.
So far, this year, the local currency has gained over 6%. Also, the strong foreign institutional investors’ inflow in equity and debt segments has been supporting rupee appreciation. The FII inflow stands at Rs 1,70,829 crore on YTD basis, while in the month of July the FII cash flow stood at Rs 24,028 crore.
Meanwhile, Nifty was trading at 10,097, down by 17 points and Sensex was trading at 32,538 level, down by 36 points in the pre-lunch hour ahead of the RBI’s monetary policy decision.
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