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      Indian Rupee: Rebounds further on sustained foreign fund inflows

      MoM Team / Mumbai, May 12, 2017 10:33 AM IST

        Indian Rupee: Rebounds further on sustained foreign fund inflows

        The Indian rupee climbed further against the dollar in early trades on Friday, 12 May 2017 on increased selling of the greenback by banks and exporters besides a sustained foreign fund inflow.

        Weakness in the dollar against other currencies overseas also supported the rupee. Further, a higher opening in the domestic equity market added to the rupee upmove.

        The domestic currency opened at Rs 64.31 against the dollar rose to a high of 64.26 before slipping back to a low of 64.34 so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.3075.

        Yesterday, scripting its biggest single-day gain in four weeks, the rupee had rallied by 25 paise to close at 64.38 a dollar on heavy selling of the US currency. The forex market also took inspiration from domestic equities' record-setting spree.

        Key indices slipped into the red after opening slightly higher amid mixed Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex was down 1.75 points or 0.01 percent  at 30,249.15. The Nifty 50 index fell 1.90 points or 0.02percent at 9,420.50.

        Overseas, Asian stocks were mixed. US stocks retreated yesterday, 11 May 2017 as a clutch of weaker-than-expected earnings reports and lingering concerns that President Donald Trump's pro-business agenda may face delays sapped buying appetite.

        Meanwhile, the dollar was steady in Asia on Friday as investors stood cautious in a light regional data day ahead of a meeting of top finance officials from the world's leading economies at the weekend that could provide direction on trade and currencies.

        The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was quoted flat at 99.53. Overnight, the dollar traded above breakeven against a basket of major currencies on Thursday, as President Trump's decision to sack FBI chief James Covey continued to weigh on sentiment while upbeat economic data capped losses.owered by Commodity Insights

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