Comments
The rupee rebounded sharply on Tuesday after four consecutive sessions of losses as a weakening dollar prompted exporters to sell the US currency, while a spurt in buying by foreign investors in domestic debt also helped.
The yen gained sharply against both the dollar and the euro as investors sought traditional safety of the Japanese currency amid end-of-year nerves over economic risks ahead.
Sentiment was also buoyed after foreign institutional investors bought a net of about Rs 836 crore ($131.59 mln) of government bonds on Monday, according to data available on the National Securities Depository Ltd Web site.
“Some corporate dollar selling and rise in major Asian currencies, led by the Japanese yen, are aiding the rupee,’’ said Hari Chandramgethen, chief forex dealer at South Indian Bank Ltd.
The partially convertible rupee rose to 63.47 to a dollar after touching a low of 63.79, while the 10-year benchmark bond yield fell 7 basis points to 7.86 per cent. ($1 = 63.5300 Indian rupees)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.