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Business News/ Market / Stock-market-news/  Rupee closes stronger against dollar at 63.86
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Rupee closes stronger against dollar at 63.86

The rupee closed at 63.86, up 0.13% from its previous close of 63.94 per dollar, tracking the gains in the local equity markets

The yield on India’s 10-year benchmark bond closed at 7.889% compared with its Friday’s close of 7.983%. Photo: AFP Premium
The yield on India’s 10-year benchmark bond closed at 7.889% compared with its Friday’s close of 7.983%. Photo: AFP

Mumbai: The Indian rupee on Monday strengthened for the second consecutive session against the dollar, tracking the gains in the local equity markets.

The rupee closed at 63.86, up 0.13% from its previous close at 63.94 per dollar. It opened at 63.87 and touched a high and a low of 63.77 and 64.01, respectively.

“The rupee should strengthen to about 63.50 in a couple of days. The India growth story is still intact. Foreign investors were booking profits till now and at this point they may look at entering again, so some equity flows should come in to the country. India’s growth story remains intact, so there should be no problems with inflows," said N.S. Venkatesh, executive director and chief financial officer, IDBI Bank Ltd.

Traders are cautious ahead of the Index of Industrial Production (IIP) data for March and Consumer Price Index (CPI)-based inflation data for April which will be issued by the government on Tuesday. A Bloomberg poll estimates that IIP will be at 2.9% in March as compared with 5% in February, while CPI will be at 4.9% in April compared with 5.17% in March.

The Sensex rose 1.48%, or 401.91 points, to close at 27,507.30 points. Foreign institutional investors (FIIs) have sold $2.29 billion in equity markets in the last 14 out of 15 sessions, except on 21 April when FIIs bought $2.6 billion. In May so far, FIIs have sold $937.48 million in debt and $551 million in equity.

Most of the Asian currencies closed lower. Singapore dollar was down 0.51%, Thai baht was down 0.44%, South Korean won was down 0.28%, Indonesian rupiah was down 0.27%, Japanese yen 0.13%, Taiwan dollar 0.13%, Malaysian ringgit 0.10%, while China offshore declined 0.05%.

The yield on India’s 10-year benchmark bond closed at 7.889% compared with its Friday’s close of 7.983%. Bond yields and prices move in opposite directions.

Since the beginning of this year, the rupee has lost 1.27%, while FIIs have bought $6.66 billion from local equity and $6.51 billion from bond markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.158, up 0.39% from its previous close of 94.794.

On Friday, strong jobs data indicated economic growth in the US was picking up momentum, but not enough to raise concerns about an earlier-than-expected interest rate raise by the Federal Reserve, Reuters reported.

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Published: 11 May 2015, 09:32 AM IST
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