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Rupee ends flat at 70.94 against dollar despite steller stocks rally

Date: 24-09-2019
Subject: Rupee ends flat at 70.94 against dollar despite steller stocks rally
MUMBAI: The rupee recovered from day's low levels to close flat at 70.94 against the US dollar on Monday helped by foreign fund inflows into equities and lower global crude oil prices.

The domestic currency opened lower and fell to a low of 71.03 later on geopolitical concerns in West Asia and gains in the US currency against major global rivals.

A strong rally in equities amid heavy buying by foreign investors helped the rupee pare losses and touch a day's high of 70.87.

At the interbank foreign exchange, the domestic unit opened weak and shuttled between a high of 70.87 and a low of 71.03 during the day.

The rupee finally closed flat at 70.94 against the US dollar despite a steller closing in equity markets.

According to provisional data, foreign investors pumped in Rs 2,684 crore on a net basis in capital markets on Monday.

Investors were concerned over the renewed trade worries after the US said that it did not expect any trade deal with China before 2020, dealers said.

US President Donald Trump said that he was not looking at a partial deal and was expecting a complete deal. The comments hit the optimism on the talks between the two sides.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.19 per cent to 98.70 as the euro and the British pound declined on growth concerns.

Meanwhile, crude oil benchmark Brent Futures on Friday were trading 0.76 per cent lower at $63.79 per barrel on hopes resumption of Saudi Arabia oil production as soon as next week.

The 10-year government bond yield was at 6.75 per cent.

The 30-share BSE sensex soared over 1,426 points in day trade before closing higher by 1,075.41 points or 2.8 per cent at 39,090.03, a level not seen since July 17.

The broader NSE Nifty zoomed by 326 points or 2.89 per cent to end at a two-month of 11,600.20 with 32 of its constituents closing with gains.

Source: timesofindia.indiatimes.com

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