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Business News/ Market / Stock-market-news/  Rupee gains 6 paise against dollar
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Rupee gains 6 paise against dollar

The local currency opened the session at 60.85 per dollar compared with its previous close of 60.68

The Indian rupee gained back its strength from its morning lows on increased exporter sales of the greenback. Photo: Pradeep Gaur/MintPremium
The Indian rupee gained back its strength from its morning lows on increased exporter sales of the greenback. Photo: Pradeep Gaur/Mint

Mumbai: The Indian rupee gained back its strength from its morning lows on increased exporter sales of the dollar.

Upbeat US housing data released on Tuesday improved sentiment in emerging markets economies. The S&P BSE Sensex, which closed at a record high on Tuesday, fell 0.40% to 26,314.29 points on BSE.

The local unit opened at 60.85 a dollar and touched a high of 60.52 a dollar—a level last seen on 31 July. The home currency closed at 60.62, up 0.11% from previous close of 60.68

Most Asian currencies lost against the dollar. South Korean Won was down 0.52%, Philippines Peso fell 0.4%, Japanese Yen shed 0.38%, Malaysian Ringgit dropped 0.34%, Indonesian Rupiah declined 0.22%, Thai Baht slipped 0.16%, while Singapore dollar lost 0.13%.

Since the beginning of this year, the rupee has gained 1.95%, while foreign institutional investors have bought $12.48 billion during the period from local equity markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 82.06, up 0.21% from the previous close of 81.5. The dollar index had touched 82-mark last time on 6 September 2013.

The yield on India’s 10-year benchmark bond ended at 8.484%, compared with its Tuesday’s close of 8.537%. Bond yields and prices move in opposite directions.

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Published: 20 Aug 2014, 09:25 AM IST
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