Rupee rises 14-paise to 71.58

The Rupee rises 14-paise to 71.58 upon the US dollar in early trade on Monday as China’s helping move and rate cut support by the US Fed enthused investors.

Forex traders said market investors were confident about cut in interest rates by the US Federal Reserve following below-par US jobs data.

Besides, China’s easing move also enthused investors.

In a try to inject more liquidity into the marketplace, the People’s Bank of China on Friday.

Also Read: Rupee Loses Its 1-Year Gains In August Alone; More Pain Ahead

announced it would slash the number of cash lenders must keep in reserve to its lowest level in 12 years.

At the interbank foreign exchange, the rupee began at 71.72, then gained more ground and reached a high of 71.58, recording a rise of 14 paise over its previous close.

Rupee rises 14-paise to 71.58 The rupee had ended at 71.72 upon the US $dollar on Friday.
Forex traders, however, said weak opening in private equities registered on the rupee.

Domestic bourses started on a cool note on Monday with benchmark criteria Sensex-trading 129.77 points more expensive at 36,852.00 and Nifty up 31.90 points at 10,914.30.

Moreover, provided foreign fund flows and rising raw prices also moved the local money down.

Foreign institutional investors (FIIs) continued net retailers in the capital market, picking out Rs 957.05 crore on Friday, according to temporary exchange data.

Brent crude expectations, the global oil benchmark, rose 0.96 per cent to trade at USD 62.13 per barrel.

Meanwhile, the dollar symbol, which gauges the greenback’s power against a basket of 6-currencies, rose 0.04 % to 98.43.
The 10-years government bond yield was at 6.59 per cent in morning trade.

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