The Indian rupee snapped six-day rally on Tuesday against the US dollar tracking losses in the Asian currencies market. The rupee is trading lower on account of buying of the American currency by banks and importers. The dollar’s gains against some other currencies overseas also impacted the domestic currency.
The rupee opened lower by 5 paise at 64.80 a dollar. The Govt of India benchmark 6.79% 2027 bond yield was unchanged at 6.73% in the previous session.
On the international front, Euro lost ground in the wake of a far right wing party claiming power in Austrian national elections. Pound’s run has also abated given the impasse on Brexit talks. Although British PM and European Commission chief want the pace of negotiations to improve, there are no signs of both the parties hitting the common ground on contentious issues like immigration and divorce bill.
The currency touched a high and low of 64.85 and 64.97 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.76 and for Euro stood at 76.39. While the RBI’s reference rate for the Yen stood at 57.93, the reference rate for the Great Britain Pound (GBP) stood at 86.0082.
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