The rupee amounts to a maximum of 5 weeks in the rebound of shares, commercial optimism
MUMBAI: The rupee was appreciated in 4 countries to close in a maximum of five weeks against the US dollar on Monday driven by sustained inflows of foreign funds and hopes for a partial trade agreement between the United States and China.
The rise in stock markets for the seventh consecutive day also increased sentiment.
In the interbank currency market, the rupee opened strongly at 70.55 compared to the previous close of 70.81 per US dollar.
The domestic unit, later, gave up profits to settle at 4 paise higher at 70.77, a level not seen since September 27.
The rise in crude oil prices and a strong dollar against major world currencies restricted the rupee's profit, traders said.
The global sentiment remains mixed to slightly positive ... In India, the cunning liquidity management by the RBI along with the recent corporate tax cuts and the murmurs of greater fiscal rationalization in various asset classes has made prospects Economics are even more attractive.
This has resulted in overflowed 'flows' of FII and has sustained the rupee against the US dollar, despite employment data better than expected in the US. UU., As well as in other similar emerging nations, director of investments of Validus Wealth Said Rajesh Cheruvu.
Continuing their shopping streak for the second consecutive month, foreign investors injected 16,464 million net rupees into Indian capital markets in October amid national and global positive signals.
Foreign portfolio investors (FPI) injected a net investment of 12,475.7 million rupees in equities and 3,988.9 rupees in the debt segment from October 1 to 31. This translates into a total net investment of Rs 16,464.6 crore in the national capital markets.
The rupee reaches the highest level in five weeks after record currency reserves and the risk of sentiments in the hope of the trade agreement between the United States and China. The ICE dollar fell to three-month lows along with Treasury bonds and US stocks. UU. Friday's job in commerce report. The short-term bias for the dollar-INR remains bearish and could prove the level of 70.32, the 100-DSMA that is adjacent to the upward trend line formed since the July low and finds resistance around 71.10, V Sharma, PCG chief and capital markets strategy, HDFC Securities said.
Meanwhile, BSE sensex settled 136.93 points, or 0.34 percent, higher at 40,301.96. The index also reached its lifetime intraday high of 40,483.21. The broader NIF NSE also advanced 50.70 points, or 0.43 percent, to close at 11,941.30.
The dollar index, which measures the strength of the dollar against a basket of six currencies, rose 0.06 percent to 97.30. Brent crude futures, the world benchmark for oil, rose 1.54 percent more, to $ 62.64 per barrel.
The yield on 10-year government bonds was 6.48 percent.