Back Office Login

you are here: Commodity | News | | Detailed News
As on: Sep 16, 2019 06:48 PM
Rupee Edges Higher In Early Trades
07-May-19   10:53 Hrs IST
The Indian rupee added gains against the dollar in early trades on Tuesday, 07 May 2019 driven by weakening of the greenback and positive opening in domestic equities. Selling of the American currency by exporters, easing crude prices and positive opening in domestic equities supported the rupee. However, foreign fund outflows restricted the rupee upmove. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 948.98 crore Monday, as per the provisional data.

The domestic currency commenced flat against the dollar and registered an intraday high and low of 69.3450 and 69.44 respectively so far during the day. In the spot currency market, the Indian unit was last seen trading at 69.37. The rupee had settled at 69.40 against the US dollar Monday.

Domestic benchmark indices edged higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 166.38 points or 0.43% at 38,766.72. The Nifty 50 index was up 37.80 points or 0.33% at 11,636.05.

Overseas, Asian stocks were mixed Tuesday amid renewed tensions between the U.S. and China after Washington said tariffs on Chinese goods will rise on Friday. US stocks closed on Monday with tepid losses in the three major indexes, with much of their striking slumps earlier gradually eroded throughout the day.

In the local currency, the dollar remained not far off a five-week low against the yen on Tuesday, after worries about U.S.-China trade tensions rekindled fears about the outlook for global growth. The greenback kept largely to familiar ranges against most major peers, even as comments from top U.S. trade officials that China had moved away from trade-related commitments weighed on U.S. bond yields and stock futures. The dollar index against a basket of six rivals was a shade lower at 97.436, having ending the previous session nearly flat.

Powered by Commodity Insights