INSUBCONTINENT EXCLUSIVE:
close at 70.03 against the US dollar on Thursday amid a sharp rebound in the domestic equity markets, even as oil prices firmed up
This is the third straight session of gain for the domestic currency, during which it has strengthened by 48 paise
At the interbank foreign exchange market, the rupee opened at 70.26 per dollar and advanced to a high of 69.99 during the day
It finally settled at 70.03, up 31 paise against its previous close of 70.34.Persistent foreign fund outflows and rising crude oil prices
capped the gains for the rupee, forex dealers said.Globally, stocks markets wobbled and the Japanese yen rose after the US slapped sanctions
on Chinese telecom major Huawei, escalating its trade conflict with China."Indian rupee strengthened for third session against US dollar
Even after surge in crude oil prices and foreign fund outflow in equity cash segment, rupee manages to gain," said V K Sharma, head PCG and
capital markets strategy, HDFC Securities.Mr Sharma further said all eyes are now on the upcoming exit polls scheduled on May 19
"Huge volatility is expected in domestic currency between May 20 and 23," he added.Foreign institutional investors (FIIs) remained net
sellers in the capital markets, pulling out Rs 953.23 crore on Thursday, as per provisional data.Brent crude futures, the global oil
benchmark, rose 1.21 per cent to $72.64 per barrel amid heightened geopolitical tensions in the Middle East.The dollar index, which gauges
the greenback's strength against a basket of six currencies, inched up 0.03 per cent to 97.59.Domestic benchmark indices finished with
smart gains on Thursday as investors accumulated stocks after the recent spell of weakness
The BSE Sensex finished at 37,393.48, up by 278.60 points, or 0.75 per cent, while the broader NSE Nifty rose 100.10 points, or 0.90 per
cent, to 11,257.10.Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.2087 and
for rupee/euro at 78.6880
The reference rate for rupee/British pound was fixed at 90.6319 and for rupee/100 Japanese yen at 64.01.Get the latest election news, live
updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
Election results will be out on May 23.
