Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  Rupee recovers from near-six-month low against US dollar, closes flat
BackBack

Rupee recovers from near-six-month low against US dollar, closes flat

The rupee closed at 64.80 a dollar, unchanged from its Thursday's close of 64.80. The home currency opened at 64.93 a dollar

Earlier in opening trade, the rupee touched a low of 65.11, a level last seen on 5 April. Photo: AFPPremium
Earlier in opening trade, the rupee touched a low of 65.11, a level last seen on 5 April. Photo: AFP

Mumbai: The rupee on Friday recovered from its near-six-month low and closed unchanged from its previous close against the US dollar tracking gains in the Asian currencies markets.

The rupee closed at 64.80 a dollar, unchanged from its Thursday’s close of 64.80. The home currency opened at 64.93 a dollar. On weekly basis it declined 1.1%, its steepest fall since November 2016.

Bond yield recovered from its four month high after Bloomberg reported that the government is planning to allow foreign investors to increase purchases of the nation’s corporate debt.

The 10-year bond yield closed at 6.663%, compared to its previous close of 6.675%. Bond yields and prices move in opposite directions.

Asian currencies gained after European Central Bank (ECB) President Mario Draghi signaled that euro-area inflation was still low. Traders will also listen to ECB vice-president Vitor Constancio’s speech in Frankfurt. Traders also awaiting speech by UK Prime Minister Theresa May in Florence, Italy, Bloomberg reported.

Philippines peso was up 0.79%, Japanese yen 0.40%, Singapore dollar 0.30%, Indonesian rupiah 0.2%, Taiwan dollar 0.17%, Thai baht 0.05%. However, South Korean won was down 0.34%, Malaysian ringgit 0.25%.

Earlier in opening trade, the rupee touched a low of 65.11, a level last seen on 5 April, on speculation of widening India’s fiscal deficit and worries of escalating tensions between North Korean and US.

Mint reported finance minister Arun Jaitley as saying that the government would soon announce measures to revive economic growth that has decelerated to the slowest pace in three years. Jaitley’s comments came against the background of the most serious economic challenge the government has faced since it came to power in 2014.

According to Reuters, Rs50,000 crore stimulus package was under consideration and fiscal deficit may have widened to 3.7% for fiscal year 2017-18.

North Korea said on Friday it might test a hydrogen bomb on the Pacific Ocean after US President Donald Trump vowed to destroy the country, with leader Kim Jong Un promising to make a “mentally deranged" Trump pay dearly for his threats, Reuters reported.

The benchmark Sensex index fell 1.38% or 447.60 points to closed at 31,922.44. So far this year, it has risen over 20%.

So far this year, the rupee has gained 4.8%, while foreign institutional investors (FIIs) have bought $6.40 billion and $20.57 billion in equity and debt, respectively.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 91.981, down 0.29% from its previous close of 92.259.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 22 Sep 2017, 09:39 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App