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This was the 5th straight session of gains for the domestic currency, throughout which it has valued by 106 paise.
At the interbank foreign exchange market, the regional unit opened on a strong note at 70.82, and shuttled in between a high of 70.75 and a low of 70.93 throughout the day. It finally ended at 70.86, greater by 8 paise over its previous close.
The rupee had settled at 70.94 versus the United States dollar on Friday.
Emerging market currencies valued as financiers anticipated the signing of the very first phase of the much-anticipated US-China trade deal later this week.
A positive pattern at the domestic equity markets and easing unrefined oil prices further supported the regional unit, forex traders said.
” Rupee continued to trend greater against the US dollar following extended gains in domestic equities and on back of de-escalation of geopolitical tension between United States and Iran,” stated Gaurang Somaiyaa, Forex (Click Here For Best Forex Techniques) & Bullion Expert, Motilal Oswal Financial Services.
Somaiyaa further noted that market individuals will be keeping an eye on the inflation number and an uptick might keep gains topped for the currency.
The dollar index, which gauges the greenback’s strength versus a basket of six currencies, rose 0.13 percent to 97.48
Foreign institutional investors (FIIs) remained net purchasers in the capital markets, buying shares worth Rs 68.24 crore on Monday, according to provisionary exchange information.
Brent crude futures, the worldwide oil benchmark, fell 0.18 per cent to trade at USD 64.86 per barrel.
The 10- year federal government bond yield was at 6.60 percent on Monday.
On the domestic market front, the 30- share BSE Sensex settled at a brand-new closing peak of 41,85969, up 259.97 points, or 0.62 per cent. The broader NSE Nifty closed 72.75 points, or 0.59 per cent, greater at 12,32955– its brand-new closing record.
The Financial Criteria India Private Ltd (FBIL) set the recommendation rate for the rupee/dollar at 71.1136 and for rupee/euro at 79.0020 The reference rate for rupee/British pound was fixed at 93.0583 and for rupee/100 Japanese yen at 64.90
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