Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Markets / Commodities/  India rupee gains on improved risk appetite
BackBack

India rupee gains on improved risk appetite

In early deals today, the rupee traded at 71.44 a dollar, up 0.4% from Tuesday's close of 71.71.
  • The Indian unit had opened at 71.42 – the day’s high so far.
  • Back home, the yield on the 10-year government bond was at 6.58% compared with its previous close of 6.554% (Reuters)Premium
    Back home, the yield on the 10-year government bond was at 6.58% compared with its previous close of 6.554% (Reuters)

    The Indian rupee on Thursday strengthened against the US dollar, tracking gains in Asian peers. Most emerging market asserts rose as risk appetite improved after a slide in oil prices amid no signs of escalation in US-Iran tensions. This was the third session when the rupee traded higher.

    Expectation of foreign fund inflows as Bharti Airtel Ltd looks to raise $1 billion via foreign currency convertible bonds also boosted sentiment.

    In early deals today, the rupee traded at 71.44 a dollar, up 0.4% from Tuesday's close of 71.71. The Indian unit had opened at 71.42 – the day’s high so far.

    Overnight, crude slipped over 4% after US President Donald Trump responded overnight to an Iranian attack on US forces with sanctions, not violence. Iran offered no immediate signal it would retaliate further over a 3 January US strike that killed one of its senior military commanders.

    Back home, the yield on the 10-year government bond was at 6.58% compared with its previous close of 6.554%. Bond yield and prices moves in opposite directions.

    Year to date, the rupee has weakened 0.5%, while foreign investors have bought nearly $381.80 million in Indian equities and sold $844.50 million in debt.

    In pre-opening trade, the benchmark Sensex index was up 1% or 406.79 points at 41224.53 points. Year to date, the index has lost 0.5%.

    Other Asian currencies also traded higher. The South Korean won was up 1%, Philippines peso 0.5%, Indonesian rupiah 0.3%, Malaysian ringgit, Taiwan dollar, China Renminbi, and Thai Baht were up about 0.2% each. However, the safe-haven Japanese yen was a tad lower.

    The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.277, down from its previous close of 97.299.

    (Bloomberg contributed this story)

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Commodity News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 09 Jan 2020, 09:25 AM IST
    Next Story footLogo
    Recommended For You
    GENIE RECOMMENDS

    Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

    Let’s get started
    Switch to the Mint app for fast and personalized news - Get App