Rupee At 2-Week High: 10 Things To Know
The Indian rupee advanced by another 53 paise to trade at over a two-week high of 71.84 against the US dollar in early trade on Friday at the Interbank Foreign Exchange, reported news agency Press Trust of India (PTI). According to forex dealers, the dollar's weakness against some currencies overseas on easing trade war concerns supported the local currency today. A higher opening of the domestic equity market also reinforced the rupee today. Forex markets were closed on Thursday on account of Muharram.
Here are 10 things to know about Indian rupee:
1. On Wednesday, the Indian rupee rose sharply against the US dollar to close at 72.37, breaking its two-day fall. That marked the best single-day gain since March 2017.
2. The rupee, Asia's worst performing currency this year, has depreciated about 12 percent year-to-date against the US dollar, reported Reuters.
3. The government is expected to announce a set of measures to discourage non-essential imports to stem the slump in the currency.
4. Government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday as reported by Reuters. The move would be another step to tackle a slide in the rupee, as oil prices are putting pressure, which imports some 80 per cent of its crude demand.
5. Stock exchanges BSE and NSE have recently received the securities market regulator SEBI's approval to offer platforms for commodity derivatives trade from October 1, 2018.
6. Last Friday, after the Prime Minister held the economic review meeting. Finance Minister Arun Jaitley announced government's five measures and also a broad policy decision to curb non-essential imports and increase exports. However, the latest steps of government were particularly underwhelming for market participants.
7. Meanwhile, asian stocks extended gains on Friday after Wall Street's S&P 500 set a new all-time high, while the dollar slipped as investors viewed Beijing's and Washington's fresh exchange of import tariffs as less harmful than initially feared.
8. Globally, oil prices were little changed on Friday after falling in the previous session as US President Donald Trump urged OPEC to lower crude prices at its meeting in Algeria this weekend.
9. Meanwhile, benchmark equity indices opened on a positive note on Friday. At 9:20 am, the S&P BSE Sensex climbed 270.10 points or 0.73 per cent to trade at 37,391.32. The broader Nifty50 was trading at 11,308.95, up 74.60 points or 0.66 per cent.
10. Domestic institutional investors (DIIs) made purchases worth a net of Rs 1,201.30 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 2,184.55 crore on Wednesday, provisional data showed. (With agencies inputs)
