The rupee received some good support from higher domestic equities. The Sensex gained over points in early trade. But a strong dollar overseas kept the rupee in check.
On Wednesday, the rupee had staged a mild recovery after a two-session fall and ended higher by 7 paise at Prime Minister Narendra Modi last year in a surprise move banned Rs and Rs 1, notes to counter black money, with the high denomination notes losing their legal tender status from midnight of November 8.
The government has given the go-ahead to the RBI to issue Rs notes, a move that is aimed at easing the pressure on lower-denomination currency. The dollar duly rallied to its highest level against a basket of major currencies in nearly three weeks and was last holding at The rupee was among the best performing currencies in the world over the past year amid a broad-based emerging market forex rally but going forward, US real interest rates and oil prices are expected to impact the performance of the domestic unit, a report said.
A surge in the past few sessions was on account of foreign institutional inflows into equities and a weak dollar in the overseas market. UK regulators, who oversee the world's biggest FX trading centre in London, are expected to embed the code in the new senior managers' regime for financial firms. The Department of Economic Affairs constituted an Inter-Disciplinary Committee on March 15, to examine the existing virtual currencies framework.
The Reserve Bank of India fixed the reference rate for the dollar at Forex dealers said that apart from weakness in the dollar against other currencies overseas, foreign fund inflows and a higher opening in the domestic equity market supported the rupee. Analysts attribute the rupee's gains to the RBI's decision in two policy reviews this year to keep repo rate unchanged.
This is the highest closing of the rupee since October 23, , when it had closed at The rupee climbed 0. The three-month advance is the biggest for any quarter since the period ended September The gains have been more pronounced since February 8, the day the RBI in a surprise move decided to keep interest rate unchanged and also signalled a change in its policy stance from "accommodative" to "neutral". The rupee is trading at around The Fed's tempered rate outlook has eased worries of a fresh burst of capital outflows from emerging economies such as India.
November 21, Rupee Extends Gains To Press Trust of India Last Updated: November 09, August 30, Finance Minister Arun Jaitley. August 23, Thomson Reuters Last Updated: August 16, July 09, May 28, May 25, Edited by Sandeep Singh Last Updated: May 23, May 17, May 15, April 26, Written by Surajit Dasgupta Last Updated: April 07, March 31, March 30, Some Analysts Say Yes.
March 26, March 20, Rupees Return To 63 A Dollar? March 16,More...