9 Sep 2017

Rupee Rises Sharply Against US Dollar On Friday: Five Things To Know

The dollar index, which tracks the greenback against a basket of six major currencies, was near its weakest since January 2015.


The rupee had closed at 64.05 against the US dollar on Thursday.
Therupee strengthened sharply against the dollar today, rising 27 paise to end at 63.78/dollar. Traders said that selling of the US currency by exporters and banks lifted the rupee. Also, the dollar turned weaker against major currencies, further boosting the rupee. The rupee had closed at 64.05 against the US dollar yesterday. Asian shares firmed on Friday, supported by solid Chinese trade data, while the dollar skidded after European Central Bank chief Mario Draghi suggested the central bank may begin tapering its massive stimulus programme this autumn. 

Here are 5 Things To Know About Rupee's Surge Against The US Dollar Today
1) The dollar index, which tracks the greenback against a basket of six major currencies, was down 0.5 percent at 91.187, after falling as low as 91.082, its weakest since January 2015.

2) The European Central Bank also raised its economic growth forecast for this year, which boosted the euro. The euro was up 0.4 percent at $1.2067 after touching a high of $1.2090, its firmest since January 2015. 

3) Against other currencies, the dollar fell 0.2 per cent against the yen to 108.32, moving back toward a 10-month low of 108.05 touched on Thursday and briefly again on Friday. The Australian dollar rose 0.8 percent to $0.8103, scaling its highest peaks since May 2015. China's yuan strengthened further against the U.S. dollar to its strongest in nearly 21 months.

4) Higher domestic equity markets also supported the rupee. The Sensex rose over 100 points in early trade before paring some gains. Domestic institutional investors bought shares worth Rs.
245.32 crore but foreign funds remained net sellers, dumping shares worth Rs.
564 crore yesterday, according to provisional figures.

5) The rupee has surged over 6 per cent per cent against the US dollar this year, boosted by strong inflows into the domestic capital markets. 

Source - NDTV

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