Rupee opens 11 paise higher at 69.15 against US dollar
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The rupee on Tuesday opened 11 paise higher at 69.15 against the US dollar amid weak global cues and fall in crude oil prices.
The domestic unit on Monday appreciated by another 44 paise to close at 69.26 in line with a strong rally in domestic equities amid hopes of a rate cut by the Reserve Bank of India (RBI). It was the second straight session of gain for the domestic currency, during which it has strengthened by 58 paise.
"Falling crude oil and slowing economic growth boosted speculations of monetary easing by the Reserve Bank of India (RBI) in its next bi-monthly policy. Market is already pricing 25 bps cut interest rate and surplus liquidity conditions after majority government at the Centre," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.
News agency Bloomberg on June 3, quoting analysts, reported that the Indian rupee could be set to gain as Prime Minister Narendra Modi’s sweeping election victory boosts foreign inflows. However, that may present a dilemma for the RBI.
The rupee is emerging Asia’s top performer in the past three months, thanks to the gush of foreign cash. With inflows poised to accelerate after the election result, the Reserve Bank of India may have to rein in the currency or risk making the nation’s exports less competitive as rival currencies weaken, the report added.
On Monday, foreign investors (FIIs/FPIs) infused a total of Rs 3,068.88 crore in the Indian capital market while domestic investors (DIIs) emerged as the net sellers to the tune of Rs 462.69 crore.
On the global front, Asian shares fell on Tuesday, following a volatile Wall Street session as weak economic indicators and an intensifying Sino-US trade war inflamed concerns about global growth, supporting safe-haven assets such as bonds, Reuters reported.
In the commodities market, Brent crude futures were at $61.06 at 7:30 am. That was 22 cents, or 0.4 per cent, below last session’s close.
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India’s benchmark indices fell nearly a per cent on Friday in a topsy-turvy session to cap their worst weekly performance in more than two years.
A deepening conflict in West Asia triggered risk-off bets from global investors and raised the risk of a runup in oil prices.
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India’s foreign exchange reserves jumped by $12.6 billion to cross $700 billion for the first time after reporting a steady climb for seven straight weeks, according to the Reserve Bank (RBI).
The overall kitty swelled by $2.838 billion to touch $692.296 billion during the previous week.
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The Public Accounts Committee (PAC) of Parliament has decided to review the functioning of top regulatory authorities in the country and has called heads of Sebi and TRAI for deposition on October 24.
Top officials of the Ministry of Finance, (Department of Economic Affairs) and Ministry of Communications have also been asked to appear before the key parliamentary panel.
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At least 28 naxals killed so far in the encounter with Police in the Maad area on the Narayanpur-Dantewada border. A huge amount of automatic weapons were recovered. The gunfight broke out at around 1 pm in the forest between Thulthuli and Nendur villages in Abhujmaad on the Narayanpur-Dantewada inter-district border, when a joint team of security personnel was out on anti-Naxal operation, Inspector General of Police (Bastar Range) Sundarraj P told PTI over the phone.
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Polling for all the 90 Assembly seats in Haryana began on Saturday morning amid tight security arrangements, officials said.
The fate of Chief Minister Nayab Singh Saini, Congress leaders Bhupinder Singh Hooda and Vinesh Phogat, besides the JJP's Dushyant Chautala and 1,027 other candidates, will be decided in the polls in which more than two crore people are eligible to vote.
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