Rupee emerges stronger against dollar by 14 paise at 66.31

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There were expectations of a hike in the Federal Reserve interest rate in December which has been bolstered by U.S. jobs data and has forc...

There were expectations of a hike in the Federal Reserve interest rate in December which has been bolstered by U.S. jobs data and has forced the traders to be more cautious. The Indian rupee got stronger against U.S. dollar this Tuesday. The key data is yet to be released on Friday. Since markets will remain close on Wednesday and Thursday on account of Diwali, traders are avoiding long positions.
Rupee emerges stronger against dollar by 14 paise at 66.31

Indian rupee got up by 0.2% closing at 66.31% against its previous close of 66.45 with local unit opening at 66.43 per USD. The IIP (Index of Industrial Production) for September and CPI (Consumer Price Index) based inflation for the previous month will be announced by government on 12th November. As estimated by Bloomberg, for September IIP will be at 4.9% compared to 6.4% in august, whereas the CPI will be 4.9% for October compared to September’s 4.41%.
FII (Foreign Institutional Investors) have sold debt in last 7 out of 9 sessions. The debt sold equals $527.02 million between 27th October to 6th of this month. In 12 out of 14 sessions Nifty and Sensex Indices have traded lower. Since October 19, Nifty has fallen by 492 points and Sensex by 1,622 points. The benchmark Sensex has fallen by 1.45% i.e., 378.14 points.
India’s 10-year benchmark yield closed at 7.684% against 7.727% of Monday. Since January this year, rupee has fallen by 5%. While, on the other hand bond markets and local equity contributed $8.48 billion and $4.43 billion respectively.
A majority of the Asian currencies experienced mixed trade. The CPI of china grew by 1.3% compared to 1.6% of preceding month. According to reports from Reuters, a similar fall was experienced in the earlier reading. The Singapore dollar rose by 0.08% ad Indonesian rupiah by 0.18%. However, Malaysian ringgit and Philippine peso fell by 0.14% and 0.17% respectively. The dollar index stood at 99.085 which is 0.1% more than its previous 98.979.

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Washington Account: Rupee emerges stronger against dollar by 14 paise at 66.31
Rupee emerges stronger against dollar by 14 paise at 66.31
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Washington Account
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