Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Rupee Rallies 69 Paise, Settles Below 70-mark

This is the fourth straight session of gains for the rupee, during which it has rallied by a hefty 220 paise.

PTI

Updated:December 20, 2018, 6:44 PM IST
facebookTwitterskypewhatsapp
Rupee Rallies 69 Paise, Settles Below 70-mark
Image for representation. (Image : Reuters)
Loading...

Mumbai: The rupee strengthened further by 69 paise to close at 69.70 against the US dollar on Thursday as the Fed raised the interest rate but lowered its projection for future hikes.

Tumbling crude oil prices and sustained selling of the greenback by exporters and banks gave further impetus to the local unit, forex dealers said.

This is the fourth straight session of gains for the rupee, during which it has rallied by a hefty 220 paise.

At the Interbank Foreign Exchange (forex) market, the local unit opened lower at 70.63. It touched a high of 69.65 on robust dollar selling, before finally finishing at 69.70, up 69 paise from its previous close.

The US Federal Reserve raised its key interest rate for the fourth time this year, and signalled more next year, albeit at a slower pace than expected. The quarter-point increase, to 2.25-2.5 per cent, lifted the Fed's key rate to its highest point since 2008.

"Fed slashed the interest rate hike trajectory for CY19 to two from four in 2018, which is positive for emerging market to attract liquidity," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Globally, Brent crude, the international oil benchmark, was trading at USD 55.45 per barrel, down 3.13 per cent.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.2835 and for rupee/euro at 80.0548. The reference rate for rupee/British pound was fixed at 88.8454 and for rupee/100 Japanese yen at 62.79.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 386.44 crore Thursday, provisional data available with BSE showed.

Snapping a seven-day rising streak, equity benchmarks finished with mild losses Thursday. The BSE Sensex, which had dropped more than 250 points in morning trade, finally finished 52.66 points, or 0.14 per cent, lower at 36,431.67. The broader NSE Nifty slipped 15.60 points, or 0.14 per cent, to 10,951.70.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
HDFC 2,049.30 3.78
Maruti Suzuki 6,591.95 10.39
ICICI Bank 417.50 7.99
HDFC Bank 1,199.60 8.95
Reliance 1,254.35 6.39
Company Price Change %Gain
Astral Poly Tec 1,213.70 5.25
HDFC 2,052.10 3.92
SBI Life Insura 815.85 1.73
Zee Entertain 301.10 -2.49
Maruti Suzuki 6,585.25 10.89
Top Gainers
Company Price Change %Gain
Eicher Motors 17,860.20 13.38
Hero Motocorp 2,862.90 13.06
IndusInd Bank 1,419.60 10.71
UltraTechCement 4,269.65 10.43
Maruti Suzuki 6,591.95 10.39
Company Price Change %Gain
Hero Motocorp 2,866.50 13.19
Maruti Suzuki 6,585.25 10.89
IndusInd Bank 1,419.60 10.74
Bajaj Finance 3,705.60 10.19
SBI 301.70 10.09
Top Losers
Company Price Change %Gain
Power Grid Corp 196.20 -2.46
Zee Entertain 301.40 -2.41
Infosys 805.00 -1.91
TCS 2,065.45 -1.74
NTPC 119.85 -1.52
Company Price Change %Gain
Power Grid Corp 196.35 -2.39
Infosys 805.10 -1.94
TCS 2,065.60 -1.74
NTPC 119.90 -1.52

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results