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 Swings Back to 2-Week High of 64.04, Gains 8 Paise Against Dollar

Meanwhile, foreign portfolio investors continued to remain net sellers in equity markets as they sold shares worth Rs 696 crore on net basis on Thursday, provisional exchange data showed.

PTI

Updated:August 24, 2017, 11:44 PM IST
facebookTwitterskypewhatsapp
Rupee Swings Back to 2-Week High of 64.04, Gains 8 Paise Against Dollar
Image for representation (Photo: Reuters)
Loading...

Mumbai: The rupee on gained 8 paise to close at two-week high of 64.04 against the US currency helped by dollar selling and firm stock markets.

Consistent selling of dollars by some foreign banks and unwinding of short-term forward contracts by exporters mainly boosted the sentiment for the local unit, dealers said.

The overall forex market sentiment was largely perturbed by the global central bankers' meet at Jackson Hole which begins today, they added. Traders are awaiting for US Fed chair Jenet Yellen's speech tomorrow for hints over the US central bank's policy stance.

Meanwhile, foreign portfolio investors continued to remain net sellers in equity markets as they sold shares worth Rs 696 crore on net basis on Thursday, provisional exchange data showed.

The benchmark BSE Sensex advanced by 0.09 per cent to stretch gains for the third straight session.

The home currency resumed on a strong note at 64.03 from the last close of 64.12 at the Interbank Foreign Exchange market.

It later hit a fresh intra-day high of 64.02 in late afternoon deals before ending at 64.04, showing a smart rise of 8 paise, or 0.12 per cent. This is the best closing for the rupee since August 9, when it had settled at 63.84.

For the week, the Indian unit has appreciated by 11 paise after two-straight week fall.

Forex market will remain closed tomorrow for Ganesh Chaturthi.

In the meantime, the US dollar remained firm against other major currencies as investors turned their attention to the upcoming Jackson Hole summit. The dollar index, which measures the greenback's value against a basket of six major currencies, was up at 93.16.

The RBI, meanwhile, fixed the reference rate for the dollar at 64.0676 and for the euro at 75.5805.

In cross-currency trades, the rupee strengthened further against the pound sterling to close at 82.07 from 82.17 per pound and rebounded against the Euro to settle at 75.54 from 75.66 earlier.

It also bounced back against the Japanese yen to end at 58.53 per 100 yens from 58.72 yesterday.

In the forward market on Thursday, premium for dollar dropped further owing to sustained receivings from exporters.

The benchmark six-month premium payable in January edged down to 120.50-122.50 paise from 122-124 paise, while far forward July 2018 contract also moved down to 257-259 paise from 258-260 paise.

On commodity front, benchmark Brent crude was down 5 cents a barrel at USD 52.52 in early Asian trade, US light, sweet crude was 10 cents lower at USD 48.31 a barrel.

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

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Puja Menon
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 59.25 5.24
Indiabulls Hsg 467.85 3.84
Reliance 1,275.85 2.33
HDFC Bank 2,162.70 -0.52
ICICI Bank 395.40 -0.93
Company Price Change %Gain
Yes Bank 59.25 5.24
ICICI Bank 395.75 -0.85
Indiabulls Hsg 467.90 4.00
Bajaj Finance 3,175.35 1.85
Reliance 1,275.95 2.36
Top Gainers
Company Price Change %Gain
Zee Entertain 351.15 6.75
Vedanta 137.40 6.47
UPL 547.25 5.64
Yes Bank 59.25 5.24
BPCL 329.35 5.22
Company Price Change %Gain
Vedanta 137.50 6.55
Yes Bank 59.25 5.24
ONGC 122.30 4.66
M&M 533.10 4.09
Coal India 188.05 4.07
Top Losers
Company Price Change %Gain
IndusInd Bank 1,310.50 -1.88
ITC 236.10 -1.65
ICICI Bank 395.40 -0.93
Eicher Motors 15,383.45 -0.90
HUL 1,860.00 -0.65
Company Price Change %Gain
IndusInd Bank 1,310.35 -1.90
ITC 236.00 -1.71
ICICI Bank 395.75 -0.85
Power Grid Corp 201.40 -0.69
HUL 1,859.35 -0.69

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results