Rupee gains for fourth straight session on FII inflows1 min read . Updated: 08 Feb 2019, 09:40 AM IST
- In last six trading sessions, foreign investors have bought nearly $750 million in equity markets
- However in debt segment, FIIs remained sellers
Indian rupee on Friday strengthened for the fourth straight session against US dollar amid buying by foreign investors in domestic equity markets and a fall in crude oil prices. At 9.05 am, the rupee was trading at 71.34 a dollar, up 0.16% from its previous close of 71.46. The home currency opened at 71.38 a dollar.
In last six trading sessions, foreign investors have bought nearly $750 million in equity markets while so far this year they were net buyers of $221.70 million. However in debt segment, FIIs remained sellers and sold nearly $672 million. Year to date, the rupee has declined 2.35%.
Bond yields fell for fourth consecutive session after Reserve Bank of India unexpectedly cut rates by 25 basis points and changed its policy stance to neutral from calibrated tightening. The 10-year bond yield was trading at 7.296%, as compared to its Thursday' close of 7.323%. Bond yields and prices move in opposite directions.
Asian currencies were trading mixed. Philippines peso was up 0.21%, South Korean won 0.06%, Japanese yen 0.05%. However, Thai Baht was down 0.47%, China Offshore 0.08%, Indonesian rupiah 0.07%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.582, up 0.08% from its previous close of 96.507.