So far this year, rupee decreased by 10.6%, while foreign investors sold $ 5.03 billion and $ 7.58 billion in equity and debt markets, respectively. Photo: AFP
Mumbai: The Indian rupee has closed more than 71 points. After the decline in crude oil prices continued and bond yields rose, the bond prices rose by 8 basis points on Thursday after resolving concerns over inflation.
The currency has been closed more strongly for the seventh session, the longest since February 2017. The currency reached its highest level in three months and gained a value above 3.1% in seven sessions.
The home currency ended with $ 70.69 – the highest level seen on August 29th rose 1.08% on Tuesday, closing at 71.46. Currency was announced as $ 71.14 and reached 70.69. The markets were closed on Wednesday for public holidays.
Bond prices reached the highest level in four months. The 10-year government bond yield was closed at 7,711% from the previous 7.793% level. Bond yields and prices move in opposite directions.
On Wednesday, Brent Crude fell by 6% to the lowest level since December 2017. To date, crude oil fell by 5.49%. Currently falling to 26.8% from the 2018 peak of $ 201.8 per barrel on October 3
According to Rajiv Ranjan Singh, CEO of Karvy Stock broking will increase the current account deficit (CAD) by 0.3-0.4%, a $ 10 decline in crude oil price. In the near term, the currency is expected to be between 71.5 and 73.7.
The money and bond market began to respond positively after the central bank and the government signaled a ceasefire on controversial issues such as reserves and liquidity.
Tedir Overall, the result of the board meeting shows that a direct conflict is prevented and more controversial issues are postponed to committees. Decisions show that efforts are being made to maintain the operational autonomy of the RBI. The risk of high-profile output from the RBI has been proven to be over-inflated, and this situation needs to give a recent deadline, R he said.
Foreign investors, who continued their open market activities, became net buyers of local capital and debt and supported local currency and bond prices in November this month. In November, they bought $ 1.5 billion in both the equity and the debt market, and with a 4.6% rise in rupee, bond yields dropped by 14 basis points during this period.
Benchmark Sensex down 0.62% or 218.78 points to 34.981.02. So far, it has increased by 3% last year.
So far this year, rupees decreased by 10.4%, while foreign investors sold $ 5.03 billion and $ 7.58 billion in equity and debt markets, respectively.