Market Update: Dollar Becomes Strong Against The Rupee

Market Update: Dollar Becomes Strong Against The Rupee

After the Reserve Bank Of India’s Bi-monthly policy today the dollar gets strong against the Indian currency. The current report shows that Rupee was trading at 68.54 a dollar, down 0.16% from its previous close of 68.43 while the home currency opened at 68.54 a dollar. The head of the RBI governor Shaktikanta Das may give a repurchase rate to 6% from 6.25%.
This year, the rupee has still got it's back strong by 2% against the US dollar. If we talk about foreign investors then they have bought around $8.51 billion in equity and $1.03 billion in the debt market. The 10-year bond yield was trading at a rate of 7.261% as compared to the Wednesday where it closed at a rate of 7.271%. It is expected the bond yield is still going to move in the opposite direction.
If we talk about market prices in Sensex and Nifty then it rose from 0.04% to 38,893.42 points in the pre-open trade. All we can say is that year to date it is up to 8%. Looking upon Asian currencies, here are few updates Indonesian rupiah was up 0.28%, Japanese yen 0.07%, Philippines peso 0.04%. However, Thai Baht was down 0.13%, South Korean won 0.11%, China Offshore 0.08%.
Dollar Index was trading at 97.083 which got down by 0.01% from its previous close. The dollar index measures the strength of the US dollar currency against the major currencies.

You can share this post!