The rupee rises 8 paise against the US dollar in foreign exchange inflows

Mumbai, November 5 () The rupee won 8 paise to close in a new five-week high of 70.69 against the US dollar on Tuesday after the entry of foreign funds and the earnings of its Asian peers after the bank Chinese central would reduce interest rates.

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Through the sale of Bajaj Finance shares to qualified institutional investors, the rupee held firm against a strengthened dollar and rising oil prices, analysts said.

The rupee opened down to 70.80 per US dollar compared to the previous close of 70.77 in the interbank currency market.

Later, he recovered some lost ground and moved in a range of 70.65 and 70.81 in the afternoon trade before concluding in 70.69, showing an increase of 8 paise.

The Indian rupee has won along with its Asian peers, since the Chinese yuan is appreciated after the reduction of the PBOC short-term loan rate ... The approximate entrance of one billion dollars through the Bajaj Finance QIP It has helped the rupee to stay strong against the dollar in today's session. The USD/INR pair has strong resistance at 71.10, while support is seen at 70.35, said VK Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 473.17 million on Tuesday, provisional exchange data showed.

The BSE Sensex closed 53.73 points, or 0.13 percent, at 40,248.23. The broader NIF NSE also dropped 24.10 points, or 0.20 percent, to close at 11,917.20.

The dollar index, which measures the strength of the dollar against a basket of six currencies, rose 0.07 percent to 97.57.

Brent crude futures, the global benchmark for oil, rose 1.17 percent more, to USD 62.86 per barrel. The yield on 10-year government bonds was 6.52 percent. BAL MR MR

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